I know it a hot issu, but I think I'll be alright Best,JTM Joshua - I appreciate you sharing the insights.

Looking forward to picking the experts brains and learning as much as I can! 

Any insights would be awesome!

Anyone have any insight on this?

I am not an expert(yet) but would be glad to throw my opinion your way.DJ

Some numbers for your perusal:Purchase price: 70kLand value plus shop 35kMoney this house could easily eat before all is said and done in fixing it $70KValue if we poured $70K into this house  $120-130K todayValue as-is  $55KRent the house could fetch if we dropped $5K into it  $800/moExisting mortgage $622/month pitiCould refinance to a piti of $500/monthI ran a scenario where, if I dropped $10k to stabilize the condition of the house and $25k to convert the garage to a studio apartment (rent for $300), it would be around 10 years before I could break even.Thanks for any advice or insight you can offer as you play the what-if game with me.

I think as you educate yourself and perhaps the reason you are on BP is to learn from experts, smart use of leverage and ensuring solid cash flow to weather downturns is how big time wealth is created and gets you there much faster, nor paying all cash.

Lots of insight. 

Any insight or advice would be appreciated and would like to hear what you with more knowledge in this matter would do,   

@Jim Carson Thanks for the insight, I currently have no debt and I've already met with my mortgage broker in getting ready to purchase in 6 months or so, and I won't have a problem because she said she will count 75% of rental income of property I purchase to help keep qualifying.