If you have a older home that has never shown signs of foundational issues, and it has a new(er) roof, electric, plumbing, HVAC, hot water heater, etc.

I learned the hard way how to shut off water and how to winterize.

The exterior got a fresh coat of paint, and I added modern fixtures inside to attract buyers.

The exterior got a fresh coat of paint, and I added modern fixtures inside to attract buyers.

Many people have a mortgage on a property where the land value is much greater than the home (aka near the water) and insurance is not able to pay off your entire outstanding mortgage.

Granted this was on plots of land I didn't pay for, and that are already connected to the city's water and sewer, so there's a lot of savings there, but I'm hoping if it turns out to be this good of a deal I can still scoop up land and keep going

You need to pay your mortgage, car, electric, water, phone, etc.Now, here's where it gets super tricky, I guess, so I'll try to be as clear and concise as possible:DON'T TOUCH THE FIRST TWO.

That hard work includes making the investments that the current owner hasn't made (nicer kitchens, new flooring, fresh coat of paint, etc.), removing tenants and marketing to new tenants.

I a factoring in the replacement of the AC unit and potentially the water heater, and the cosmetic thins (I would do myself) to get it to rentable standard.

A buddy of mine just built a duplex on the water in Placencia