Not to mention that I've gotten a lot more time on TV as a poker player than a real estate guy.Damn...I think I picked the wrong business!!! 

This is on the heals of the other post with TV "news" story about rents.

Use debt in a positive way to generate more wealth and cash flow instead of accumulating things that depreciate in value and provide no cash flow return on investment.Example I could buy a hot tub, a car, and a tv for 50,000.

With mortgage companies making the process a little more demanding and the TV shows providing a unrealistic overview of the actual work involved, its' refreshing to have someone step up to the plate and provide a more realistic view.

Are you only looking for that because you have seen the TV shows and the like?

Does someone actually do this, or is it just BS tv show hogwash?

If you buy first, then determine you will have to spend more than it is worth to fix it, you will be one of the many that tried real estate flipping and found out it is nothing like they show on TV.

I would go to collect rent and they are sitting there wearing expensive Under Armour clothing, eating McDonalds and watching cable TV.

@Chris Martin I wouldn't be surprised one bit if Commissioners, editorials in the bigger newspapers, local TV news reporters, and the like start throwing around terms like slumlord to refer to or report on these types of situations.

You need to have the entire plumbing system scoped with a tv camera to determine the extent of the damage.I definitely would be budgeting both the time and money for a complete repipe and I would imagine rewiring the electrical system to modern standards since your going to have to gut the interior anyway.Offering a remodeled home with new plumbing and wiring as well as new interior paint and flooring will definitely increase the value and make the home easier to sell.