If you're getting a fantastic deal, then a wet basement that was unfinished anyway is not that big of a deal; especially if you're going to renovate anyway. 

I am unsure as of now about taking a HELOC to invest and think I would prefer to get my feet wet prior to the HELOC, unless this is advised against.

@James Wise That is a good point, i like that you mentioned the ghetto because that is what i was kind of thinkimg to get my feet wet.

This definitely gives me more confidence to pursue the safer option right now--at least to start out and get my feet wet first before taking something bigger with more risks. 

Now at 53, I have a wealth of knowledge in the industry and am ready to get my toes wet in real estate investment and flipping.I found B.C. through 123 Flip.

Just wanted to bring it up on here, because i am no expert on the tax side of investing in real estate, honestly i am still learning the basics and getting my feet wet, so there are a lot of things that i have little to no experience in and if this was an actual honest way to go about things, then i figured it would be worth learning about and investing time into it.

The reason I want to do that is so I can get my feet wet without taking on as much risk.

Is ther someone out there who can give me directions how to get my feet wet or how to get start?   

Also if they are trying to mow really long grass or wet grass the electric ones don't have the same power and they could kill it quickly, leaving me stuck replacing it. 

Of course, just getting my feet wet in outside markets.