Like many of you, I'm a new investor, although have worked with investors for several years, finally jumping out of the nest if you will!

I would need to know more specs on the house but with material shortages It's difficult to say how much to budget. 80K-120K for full gut perhaps but unsure with lumber beings so expensive and shortages.I would plan 9 months of vacancy between the pain you will endure pulling permits & having your contractors show up everyday to complete the work & then final inspections to get a CO. 

Cost Overruns: After the final payment, the contractor claimed there were additional costs of $60K.

The permitting process is expected to take a few months to finalize.

It took 3 years, but,  I finally navigated the permitting process and now have all the permits I need to build 6 small cabins on a river in the mountains.

Time to do something finally!

However, if you wrote mostly 4s and 5s, you may want to consider your options.A Final Note About Selling and ExchangingIn our new regulatory environment, a rental-housing owner in Oregon can run afoul of the rules even when trying to sell.

Title company processes transaction and finalizes sale.

Then get photos and get third party verification that everything was done right prior to making your final payment to the contractor.

A final and general question - is this house worth it?