Thanks for the 'specific performance' tip.

If the floors are a hard wood and painted I'd just put another coat of paint over them.

He was essentially a glorified handyman who could do all the carpentry work, and who could call in specialists for things like painting, roofing, electrical, plumbing, etc.

If it's a cheap production home, it likely only has one color of flat paint throughout, cheap carpets, etc.After you consider all the costs it would take to complete the home, the price may not be as attractive.

I know my cash flow will not be the best if we rent our first investment property but we are still thinking about it... here's the facts.Bought it for $12k - fully remodeling it with new roof, paint, windows, bathroom, kitchen, carpet for $12k (my fiance has a big construction company!)

I'm sure the thousands of members here would be interested in learning more -- I'd be interested myself to see if there are any good tips that I'm missing.I look forward to hearing some of them!

I do know, from having made offers, that I have had to sign numerous papers, including mold, pool safety, lead based paint, etc, and a lengthy purchase contract.

I am grateful for any tips. 

It's been a wait they are trying to get the title all cleaned up.Well today my realtor showed us a house in a great neighborhood, 2 bedroom, 1 stall garage (small 832 sq) asking $30,900 - assesed at $49,210 (foreclosure - Freddie Mac), we are going in at $22k for the house and it need about $10k to get it ready to sell but if we were to put carpet/paint in the house for $1k or so we could rent it for $550 easy and then do a lease for 6 mo's then finish it and sell it for $60k - do you think we should do it?

Just some tips to make your site look interesting to the search engines.1.