Given my time constraint, if I decide not to change the plumbing to copper and wait till a year or two to replace all the piping.

Quote from @Theresa Harris: My first three houses and my couple of investments were all purchased around 7%.

I was someone lucky enough to receive a trust fund from my parents after they pasted away.

The purchase was in my own name, not an LLC.

I’m not against it but it would still need to cash flow which is unlikely in my market. 

And also, since I am the borrower, am I correct in my understanding that I would be subject to a tax on cancellation of debt which would lower my total IRR.I saw many years ago (like in 2017) on BP that note investors were shooting for 10-12% IRR in a zero-interest rate environement. 

My plan was to buy, improve a bit (house was not in bad shape, just need some TLC), and rent out and hold at least 2~3 years. 

I try to teach my kids the importance of investing and show them real life scenarios any chance I can.

Your replies align with my cautious instincts!

Hello Everyone,My name is Carlene and I am a new real estate investor interested in brrrr method of investing.