I've noticed that, in reality, while demo expenses are a big part of it, oftentimes people severely underestimate the other costs involved, like getting everything drafted/designed properly and getting every part of the construction permitted by the City.My overall point was that demo costs are more predictable and foreseeable, whereas people that consider demo and rebuilds oftentimes underestimate the other costs involved, which tend to add up to so much upfront cost that demo/rebuild projects end up being a not-so-great investment decision after you crunch all those numbers.  

So, 6k in cash and proper insurance would cover a full roof, or most of both furnace replacements (retail), or a large variety of odds and ends. 

Although I don't know a whole lot about the technicals from that time, I grew up seeing the dedication, lifestyle, and opportunities that the right attitude, work-ethic, and drive can bring in the real estate world.

Just make sure you think about the purchase properly and really make sure it fits with your goals.

What should I look for and what do I need to know about my market to properly analyze a deal in a reasonable amount of time?

I have this dream, A dream of being free from living paycheck to paycheck, working for other people in the sense of "No matter how many promotions I get, I'm still NEVER going to OWN the company I am working for.I am happily married to the woman of my dreams, and we have 3 beautiful children and a comfortable lifestyle.

It can be a great way to get results for your retirement savings if executed properly.

Agree with hard money loans with the caveat that you have to know how to properly underwrite them, or have somebody on your team that you implicitly trust to do this for you (but this is something that I wouldn't personally outsource).

Learning how to properly analyze deals is key #1.  

Lifestyles Unlimited is controversial here at BP, but one thing they clearly don't get enough credit for is issuing deal sponsor guidelines that are fair to all parties.You have no track record, and are justifying taking equity based on pro formas that may or may not be realized.