Fools investmentThere's a fire- cannot rebuild and investor loses everything; owner ruins his credit; injured tenant sues everyone; everyone broke.Lender calls the loan- everyone losesPaying down a loan does not reduce a payment, this is not a HELOC so that part is not math.There is zero equity to loan on, no one will loan on this.What would buyer have to do to convince a poor elderly person to take this risk- scare them, threaten, lie?

One person, hoping to flip contracts and find deals by driving around the neighbor or posting illegal signage isn’t going to create a business, let alone a successful business.  

I personally prefer to start now, than later.If you can afford a duplex financially with a bank and rent the other half to pay for most of your mortgage, why not?

Either way, the best next step for you is going to be to talk to a lender and dig into your personal situation.  

Starting a business or investing can make a person feel scared and anxious -- start anyway.I'm not much of a planner and bought my first home in 2017, I didn't have the capital for the downpayment at the time.

A licensee has infinite more liability than a lay person.

It really depends on the scope of work and the person inspecting the work as well as the one issuing the permit.Find someone who knows the permitting system in the municipality where your project is located and have them review the scope, and the work done and see what they think it would take to pull permits after the fact.

Things that any normal person could fix.

Certain states do not allow your primary to be foreclosed upon for other judgments (for example I believe florida is one of those states) - they can still get a judgement against you for the delta though.But yes this is a concern that every person should realize, which is also why you see many of us here on BP telling people to make sure they have adequate down payment and reserves before they get into something they have never done before.

Purchase price: $380,000 Cash invested: $19,648 Sale price: $485,000 Not really a portfolio investment as it currently my personal residence, but I'd still consider it an investment.