I'm involved in private investing and have some of my IRA at work with a local investor through Quest IRA.I have been driving by a burned out 2 story in The Grove Neighborhood which abuts the Pecan Grove Sub division in Richmond, TX. 

Now in Cincinnati an architect or engineer has to do the drawings if there is any major work begin done such as removing load bearing and non-load bearing walls or adding them.

Actually, I was an engineering intern at the company who made this specific meter and worked on it there... so that's cool I guess.The previous bills were from the same tenant, and she has been there about 8 months I guess.  

As you're probably expecting to hear, it does sound too thin to burn $50k of your hard-earned cash on.

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But if you think you can shortchange this step, you’re wrong.When I drive through a particular area of Birmingham, I’m going to be looking for a few things: Abandoned and vandalized houses - You can see a picture of a house someone sends you and it looks great...but how do you know it doesn’t have a burn-out next to it?

Because the costs of engineering and holding, combined with the diminished value of the existing property would exceed any profit realized from splitting the lot up.We decided to focus on a remodel that would add a nice first floor master suite, open concept and brand new mechanicals. 

About all I would add is to meet with several pros, like an architect with experience in this area, lenders, environmental firm, for lead asbestos, etc, engineers to make sure the place is even sound, subs in all areas, etc...etc..

Either way, I have this hunch that going with solid wood floors beats engineered due to the fact that you can sand it more than once.

As for my boss, they know and they hate it when I burn my vacation leave to flip or clean or paint and come back to work burnt out vs relaxed.