If anything’s not up to code, you’ll need to fix it before they sign off.As for costs, you’ll have permit fees—those can range from a few hundred to a couple of thousand dollars.

Once you have enough saved then buy another primary residence and live in that, fix it up.

Investment Info:Single-family residence fix & flip investment.

The land is on two tax lots so my plan is to sell the extra lot immediately after closing for a projected $275K.The property on the other lot will be a fix and flip with projected costs of $240K and an ARV of $750K.I plan to use a PML of 2 points and 12% APY for 70% of the total cost.

@Chris Mahoo many new investors don't take the time to properly understand RE investing.1) Many are using approaches from 2010-2018 when Class A property prices were so low from the Great RE Crash that an investor could cashflow and get pretty easy Class A tenants to manage.2) If you look at what investors were doing before 2008-2010, most were buying Class B & C rentals.To make it worth while, an investor either needs to Fix & Flip or invest & hold rentals for 10+ years.- Over a 10 year period cashflow will increase as rents increase (rents typically rise faster than property taxes, insurance, etc.)- The property should be appreciating, if purchased in a good location, increasing the owner's equity/wealth.- Rents will be paying the mortgage off, increasing the owner's equity/wealth.- If you hold a rental until death, you can pass it on with a stepped-up cost basis, limiting captial gains if then sold (limited by inheritance tax limitations).Too many newbies on this site trying to replace their day job income via "passive" real estate investing w/o digging deep enough to understand how it really works.

I just meant to say that it's our next goal to build that up, having just gone on a spending spree on fixing up both properties in a short period of time.

So I bough it for $160k fixed up for $125k.

If the latter, I would find 1 distressed property in a good-very good area and fix it up.

Background: I'm live in south Mississippi and have been doing real estate deals for about 13 years(rentals, STR, fix and flip...).

It's great to have you with us.. do you think you'll focus more on fix-and-flips or buy-and-holds?