@Clarence Gong There's some very sage advice above...I don't think I can contribute a lot more...I can say that I have a construction background of over 20-years and manage some pretty large renovation projects...we just bought a 150-year old hotel and it's great...settling foundation, original windows and doors, crumbling plaster, a boiler that could power the titanic...active knob-and-tube...radiant heat...The point is to be well educated and prepared for what you are getting yourself into.

One example of this is flexicore buildings here in Chicago that have radiant heat.

appreciation,  forced appreciation, and then sprinkle on more appreciation.. great teams of course find great markets ahead of the herd

Just because the herd is saying multifamily, doesn't mean you have to follow them.

Economic hardship just "thins the herd" as the saying goes.

The herds sentiment tends to be minimum work with ultra high pay for efforts and that is not how it is.  

Place limits and stops on everything or you are just one of millions of sheeple going up and down with the herd.

That's the one to cut out of the herd. 

Be discreet in doing the asset check because if they didn't pay you, they probably haven't paid anyone else either and you want to get your money back before the herd comes charging. 

Too many variables to consider , age of house , insulation , windows , type of heat , oil furnace , gas furnace , heat pump , electric baseboard , radiant heat , forced air ?