Even with very little cash on hand, you can get creative financing; for example, I did my first flip renovation with a new business Credit card one year with 0.00% APR, paid everything back after the sale, and got points and signup bonuses.

The returns can be superior to the stock market, but will require more patience and hands- on effort.  

On the other hand, if these are in terrible areas, you introduce a different kind of risk. 

That said, it could be a good choice if you’re capital constrained and need to recycle equity from deal to deal.However, if you have capital to deploy and want to take a more hands-off approach, targeting a turnkey, rent-ready offering could be a better approach for your first deal.Full disclosure: I own rentals and operate a turnkey provider in Tuscaloosa—let me know if there are any questions I can answer for you!

I would imagine if the home is being prepped before hand to remove all hazards, post burn there should be minimal debris.

I work with a handful of clients each year on the acquisition and construction side and help them make an enormous amount of wealth on top of managing their properties here in NJ. 

A law degree does not mean you know anything re wraps.If worse comes to worse, you can stop the foreclosure with legal action - it costs some but you will not lose your equity.I would not throw the baby out with the bath water re doing wraps and I do hope all works out for you.Reach out if you need a referral to a good AZ attorney to helpBe careful out there guysAlan Not to be too blunt, but you are handing bullets to a six year old with a gun.

I'd also learn a lot about maintenance and managing tenants.Then, with my hands-on experience, I could decide if I wanted to repeat the process or target 5+ units - which my experience would help with lenders.Good luck with whatever you decide to do!

My Brother in law has a company that does this and hand full of realtors have him on speed dial 90% is pipe burst done in a few hours 7 to 8k per..

If you have a high risk profile, you could put it in stocks, but could be troublesome if you need the money immediately as the market could be down.On the other hand, if you don't have high-income and need the money for repairs or emergencies, its best to not touch it.