I believe the social and economic factors that pulled the neighborhood down can be reversed slowly over the next decade, and that the location, layout, and style of the neighborhood are truly worthy of a restoration and reinvention.

Whether you are doing a Fix and Flip or Buy and Hold you have three basic costs:- Closing costs of buying- Holding costs- Closing costs of selling (if flipping)Real estate transfer taxes charged by the county and/or cityTitle insurance feeProcessing and filing fees for forms being submitted to the County RecorderAppraisal fee Home inspection feeInsurance Escrow feesNow some of these are more ‘cafeteria style’ than others (picking and choosing what you want- like an inspection, 4 point, 5 point, doing it yourself, etc.)I wanted to be sure to include insurance as well - you want your bottom line covered, even in a rehab - proof in deals that have had unfortunate happenings after rehab (like fires) but before moved to the end user (sold)Now typically we aren’t dealing with a few items like HOA transfer fees in investment deals- but keep in mind you MAY come across those miscellaneous items in some cases.With your 4 or 5 point inspection (what many investors choose) your costs are going to be cheaper than an end user (applying for a loan) inspection- and we’ve got people here in Indy to help with this as well.Survey fees- well it’s a good idea to have an exact location of the lot lines/land but this is going to be less than $800Now I’m not getting into realtor commissions here- and that’s going to be a situational thing (working with a wholesaler for example changes things)In Indiana for example, you don’t need an attorney to facilitate the sale of real property so unless you choose to work with one, this is one fee you can skip out on as wellYou’re going to have transfer tax, title insurance (you’ll want to make sure the title is indeed clear), title search fees, recording fees, and escrow fees.It probably goes without saying, but closing dates will affect some things (like prorated rent on an active rental for a buyer credit), taxes etc.

But option 2 sounds wiser but much more responsible but also man I want to move faster. " style="-webkit-font-smoothing: antialiased; margin: 0px; padding: 0px; border: 0px; font-family: "open sans", sans-serif; font-size: 1rem; font-style: normal; font-variant-caps: normal; font-weight: normal; font-stretch: inherit; line-height: 22px; vertical-align: baseline; position: relative; overflow: hidden; caret-color: rgb(52, 65, 77); color: rgb(52, 65, 77); letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: none; height: 872px;">Hey everyone.

And as noted, you are likely dealing with plaster and lathe.From a cosmetic approach, as noted, keep things in style with the house.  

I love his style of thinking, and it reminds me of what you are talking about.

The decor and styling look like they could run in a magazine... and well... my place looks nice, but I'd have to spend $10,000 on top of what I've put into it already for my place to look like theirs.

@Shalom Benton You could do a renovation style loan, but they're usually for owner-occupants only.

I don't want to be a hard ballplayer, not my style, but don't want to just let it go either. 

Or you have to add or replace a few pieces here or there.Vents - those should also all be replaced (most roof hardware is replaced, other than the gas exhaust pipes)  Which vent TYPE would be best depends on the style and cut up of the roof.

This will allow you to use your HELOC again and again for BRRR style properties