Over leveraging one property to save a bleeding one is not wise.

This is the graveyard of great ideas, plans, hopes and dreams that were never done.

While fire safety is undoubtedly important, a mandatory sprinkler requirement may have the opposite effect—discouraging necessary renovations and inadvertently making these buildings less safe.No one disputes that sprinklers can help save lives in the event of a fire.

Quote from @Daniel Tanasa: Another option is to get a small cash out refinance from the house you plan on fixing up, if is in financeable condition, and use that to fix it up, while still cash flowing.

These alerts come with editable pre-populated spreadsheets so it saves a ton of time.

You'll find that rental property investing isn't scary at all and a great property manager can actually save you more money than they will cost!

I plan to wrap it as an exit strategy,  but assuming worst case scenario, If I were unable to make payments and foreclose, the seller takes the property but would my credit or record be okay?

Step 3: Compare build plans / specs to decide what you want to build.

Our plan is to use the "Sneaky tactic" and for the next few years, the plan is to buy a house that needs a little TLC, fix it up as we live in it and move on to buy another house until were tired of doing it or reach a decent income.

And then to eventually save up to purchase either condos or SFHs, one at a time.