If your going with a lower risk but are positive that you can make it a cash flowing property if everything was accounted for then I dont see any problem with a smaller investment to get your knowledge foundation.

This does not include land or foundation however.   

Secure a hard money loan for 105K to buy and put 15K into foundation work (pier and beam leveling) and framing the 3rd bedroom.  

I recently came across a Motivated seller , I will soon have this property under contract looking to wholesale , but they seller owes taxes on the property it has water damage, needs foundation, new roofing etc. the property is less than a mile a way from a university ... should I walk away . what should I do?

I think I may have a foundation problem.

The foundation is great, but there are no eavestroughs and the ground is sloped towards the house.

Coverage for plumbing for example, typically ends at your home's foundation, so leaks or breakages beyond that would be your responsibility.

These key questions provide the foundation for their investment decisions.

I wanted to submit an offer and get my first deal but I didn’t because my contractor said he probably would pass on this one because the foundation was like something he’d never seen before. 2 rooms had concrete underneath and some didn’t.

On raised foundations, we place the Hardiboard or Duraboard right over single tile layers prior to tiling.