The idea is to HELP offset your cost of living, not totally replace it.

Even if you have enough for a down payment and closing costs, there is always a chance the furnace or AC goes out the first time you try to turn it on (typically this would be caught by an inspector), or some major damage happens that insurance doesn't cover.  

OR you'd have to do 2 separate transactions and incur 2 sets of closing costs/ transactional costs. i dont think its a bad play, a lot of people leverage one to help them expand to the next. another challenge you will have, though, is pulling something small like $50k out. most lenders rn have a $100k min. you might be able to find less but then fees/ points will be a little excessive. 

What is the average cost per foot to do those items, mainly the electrical, plumbing as well as all new sheetrock. 

Start with BiggerPockets Ultimate Beginners Guide (free).

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Profitability varies based on location, seasonality, additional costs, occupancy rates, and reality checks.

There are fixed costs you won't be able to get away from utilities, insurance, etc and are typically stable year to year or with some measured growth.

With less demand, sellers may be more motivated to offload properties, especially those facing higher holding costs due to rising interest rates.Also, the election season plays a major role with what's going on. 

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