If you can save money and renovate and the ARV allows you to pull your intial capital out sooner, I say go for it!

This is mostly due to affordability and for potential ARV options.I had a good friend buy a property in Indianapolis off of Union Street for $60K she put $48K into the home which was a total dump and was able to refinance the home to pull cash out in 12 months.

Hi @Jorge Lopez appears the iOS version of the bigger pockets app has been pulled off the App Store, usually that happens because apps are not getting updated to meet current standards but I would have to defer to the BP team to clarify. 

Rentredi is a good software but BEWARE if you sign up for automated bill pay, they will charge your account if you do not cancel prior to the renewal and they will not refund your payment even if you request it the same day they pulled the payment from your account. 

If that's the case, I would likely hold the property without pulling money out and break even or cash flow a little.

Usually a plumber can pull out the old caulk and re-caulk in less than an hour.  

Buy and renovate the property and in 6 months do a simple cash out refinance and pull out some cash and start the REI process all over again.I am North of you up in Pinellas County West of Tampa and there are also some great places up here that might save you some cash. 

So, you say will I want to take some cash out using the 200k value but most programs will require you to wait some period of time from 3 months up to 12 months for conventional before you can use that 200k value to pull cash out.This seasoning does NOT apply to delayed financing as I mentioned in my post above.  

This list was pulled directly from Raleigh’s website here:Raleigh Permits for ADUs and Guidelines Click Here to ViewTo find your specific lot’s zoning, use IMAPS: https://maps.raleighnc.gov/imaps/2.

I was trying to get started, had all the information but needed to pull the trigger to get in the game.