Not every investor is willing to take on properties with these kinds of challenges, but if you can make it work, the rewards are huge.

Since the repairs were two owners ago, I would think the town may be a little more lenient with you.With the new kitchen and bathroom, were they existing and just got renovated or were they added on?

Hi Robert,Given you are looking to buy another rental (long term), a cash out refinance on the existing property would be a good play here.

Those already exist in mass.

 @Sofia Komrskova The biggest selling point for me is access to the existing network of IMTR relocation specialists which would take years to build up on my own and I have had zero luck on BP getting any feedback specifically for relocation specialists. 

lol brother if everyone had that kind of money this website wouldn't exist.

"I have a very simple criteria for when an area is gentrifying as opposed to just generally improving: If it makes economic sense to buy (at market price) and tear down an existing structure in order to build and immediately sell a new building, then the area is gentrifying.

Check with an architect first to be sure you can fit your vision into the existing lot, as it's zoned currently.

Quote from @Sean Gallagher: If there is an existing lease, you must honor it.

there was a follow up post where someone got a loan from them but for realistic rates  8% or so and few points.. under 6% private / hard money simply does not exist unless its a family friends type situation. that bank rates or lower right now for new construction or fix flip