If there are no repairs over, say, a two year period, and you have $3400 saved up, what do you do with that?  

Hopefully she could find a property with enough of a discount that the PITI and the repair costs together would still be affordable, but fixing up a house with 2 kids living there while working a full time job would be challenging for most people, let alone a first time homebuyer.

Letting inspectors and appraisers in, getting bids for repairs, taking photos, filling out contracts.. 

Closing will need to be a 30 day minimum though so this may not be an option.Are you getting 75% of the "After Repair Value" when you do a cash out loan? 

Has a fully stocked operational liquor store and tv repair shop in the front, facing a road that gets good traffic.

This is an example below but easily could be done in the future of my business.I️ sell my free and clear property for 100K, which is what it appraised for.I️ purchase a property worth 160K for 90K and it needs 10K repairs and I️ wanted to use that 10K left over to invest in the property I’m purchasing.What happens in this scenario if I️ wanted to do a 1031 exchange.

Well because I could not commit to acquiring my first property with the remaining time in the year, I’ve committed to analyzing 2 deals a day to post on the forums here.It will allow me to gain knowledge and advice from experienced investors and also give other investors like myself (or soon to be investors I guess) an opportunity to contribute as well.Even if they haven’t done any deals, they may know how to avoid common mistakes while analyzing that they’ve learned since they’ve started on their path to REI.I know it may not be much, but I’m really hoping that others in my position feel inspired to contribute more than the normal “Hi I’m a new investor looking to learn from everyone here on the site” and those more experienced are still willing to share their experiences.Thanks everyone.With that being said:Property #12-unit Property in Queens, NYEach unit is a 2br/1baAnticipated gross rents: $3.8k/moOperating expenses (per month):- Vacancy: $190- Repairs/Maintenance: $35- Taxes: $300- Insurance: $133.33- Property Management: $190 (did this at 5% of gross rents because I can manage the property myself but I’d like to set aside a portion in case it makes sense to transition to management).

Condition is poor with serious and costly repairs necessary before the house will be livable, let alone rent-able.

Today I received a prompt to upgrade, even though I did so yesterday.

There are places int he Midwest however, that will give you bigger cash flow, but potentially more problems regarding repairs (older areas) lower class neighborhoods (depending on how cheap you go).Indiana, Ohio, etc has some opportunity.