Ideally, both.However some reasoning I have seen and feels logical is as follows:If you reduce your expenses by $X, you have saved $X.If you increase your income by $X, you have generated $X - taxes - value of time worked to earn that money - any other factors.So in terms of low-lying fruit (what is easiest/quickest to accomplish) cutting expenses AND THEN SAVING THE DIFFERENCE is what I would recommend doing first.My wife and I put this into practice. 

Debating this in the abstract on a message board is entertaining, but not very fruitful past most of what has already been hashed out hundreds of times on BP.Regarding the post above about active control producing above average returns I would challenge how the studies accounted for the time requirements active participation carries with it.  

I've followed some of the basic principles that Bigger Pockets outlines, and they were fruitful for me on my first project.

This site and community are worth their weights in gold.Since joining BP I can attest to the fact that my REI knowledge and skills have increased tremendously, coupled with the fact that I am being interactive with like minded individuals who are focused and excited about the success of others.BP and its community are here to stay and will continue to be a model for others to emulate.It clearly shows that persistence, hard work and dedication can certainly bear fruit in the building and expansion of a purpose driven platform without spam and other distractions.320,000 members and counting are a testament to the demand for an active and serious community driven REI site.Great job @Joshua Dorkin, @Brandon Turner, as well as the rest of the supporting team and of course the BP community!

This will bear fruit down the road and is a great long-term investment, both personally and financially.

It seems very difficult to try to reach the mortgage company to try to talk with someone about the property and I'm not sure if that would be fruitful of not if I did. 

We just need to know how to screen the bad ones out, like going to a store and picking the best fruit in a pile.

.]-- As far as utilities go, the detached garage already has a separate panel and I've had an electrician out saying it's plenty of juice for what I'm trying to do (sorry, don't remember the technical details).

My wife I are going to renovate and update the entire house, build a large wrap around deck with a pool and hot tub, and do extensive landscaping filled with native plants and fruit trees.

My wife I are going to renovate and update the entire house, build a large wrap around deck with a pool and hot tub, and do extensive landscaping filled with native plants and fruit trees.