Oh, and house is 70 years old and not perfect by a long shot but has charm.

Again this is something both parties agree to and thus far has been working like a charm.

Fortunately we’re resilient, a trait that’s an absolute must for any investor who’s going the high risk high reward route.  

More risk, but more reward.

So, it only makes sense that they are rewarded for their efforts.

This is definitely possible, and if you are handy or have those leanings already I think you'll find it a tall, but potentially rewarding, task.Paint and swapping out light fixtures are among the highest return-on-time-and-hassle things you may consider DIYing. 

Hey @Horace Grant, at our office here in Houston we use tenantbackgroudsearch.com and it works like a charm and its fast.

Problem is, you hold the debt long enough that the interest rate eats up any of the rewards and you end up using those points to hack at the outstanding balance.It's all an equation.

It is simply more risk for more reward.  

Other experienced investors may justify pushing the deal, tell you research, get bids blah blah blah, but the risks out way the reward.