All such problems instantly become the new owner's once their name is on the deed. 

This puts the seller in a much worse situation than they started, and this burns a lot of people.

If the market crashes, you HELOC can evaportate in an instant.

Replacement cost approach: Used for things like insurance to determine how much insurance you need if for example the house burns down and needs to be re-built. 2.

Easier to get burned on remodel. 

In Charlotte, NC and in Charleston, SC, we have such an extreme lack of inventory, especially at the lower end of affordability- seller's aren't giving up their 2.99% interest rate to downsize and pay more for a home with a higher rate, so they are staying on the sidelines. and Builders cannot ramp up fast enough, and are being very cautious due to interest rates, coupled with inflation, where their goods and services also cost more to build homes- and, after 2008-2010, where many got burned, and badly, they are super cautious.

I have not been burned yet by this.

@Dave Meyer @J Scott  - we've got a burning Real Estate by the Numbers question for one of you two!

What's the best way to get involve in it to get some experience without burning much money? 

Proper due diligence is what often separates the aspiring real estate investors who crash and burn on their first deal, and those who build a successful portfolio.