I live 40 miles away, so I called the owner of the biggest plumbing co in the city and he and 2 techs drpped everything to get to the property within 10 minutes of my call.I had put a garage outdoor access remote on the outside of the house.. they couldn't get in thru that because THE POWER WAS NOW OFF.Luckily i had put a coded door knob on the kitchen door that opens to the deck-- i gave them the code and they were inside instantly.The water heater was STILL SPEWING WATER full blast in a stream so strong it was hitting the second story ceiling and hitting the ELECTRICAL PANEL also located in the garage and that's what had knocked out the power .The plumbers immediately turned off the inside water main cutoffand sent me photos of the EMERGENCY SITUATION the pm so calmly let me know about by email an hour earlier.i fired the pm co that instant and got on the phone to start farm (my rental policy ins co) whiledriving an hour to the property.i also called the city's best WATER EMERGENCY REMEDIATION COMpany while en route.When i got there, the water was turned off ( finally)the drywall ceiling had fallen in, the light fixtures destroyed, the garage door open case was HALF FULL OF WATER and there were 1000s of mold blooms on every surface and hundreds of stacks of spiky growing black mold (looked like iron fiilings we used to play with in that game we all had as kids where u use a magnet and drag the iron filings around to put hair and a mustache on the bald guy cartoon photo) the mold spikes were 1.5" tall on the woot railings and stairs going into the house, on all of my beautiful built in wooden garage shelves--- what a mess-- like the streets of Beirut after the bombs went offand I don't have allergies -- but i could not even STAND inside the garage because the WET MOLD MILDEW SMELL was so strong it instantly gagged me and gave me a headache and i couldn't breathe.So here Ewe are on Jan 17 and now i know that the BEST rental dwelling policy dies NOT COVER MOLD REMEDIATION AT ALL ( so far $14,000) but it does cover water damage with a $2500 deductible...

@Ron Dayley    you did not mention mandatory floor time  :)  really everything you point out is so 1980.. simply not how the industry works today.. are their shops that work like that certainly are their boutique shops that require NON of what state absolutely... other than continuing ed...

Even if I got it for free I doubt it would be worth the rehab costs if I go with this formula.Is this something a 1st timer shouldn't risk?  

Total gut job of kitchen and bathroom needed.

I've spent the last year and a half as an entrepreneur in the construction business mostly renovating kitchens, upon completing many projects through out the year, it really got me thinking about investing in real estate, since what I do is a big factor of what sells in real estate.

I went to the apartment the next day to fix the tenant’s kitchen sink and upon walking into the apartment, I realized the apartment is a mess!

Install drywall, flooring, tile, HVAC system, R&R windows, R&R entry door, new bathroom, new kitchen, run electrical, insulate, paint, finish work.  

The bathrooms and kitchen are the only shared areas.

The other bathroom is on the 1st floor, right off the kitchen.

Some mocked up info on the property, located at 5 Arnold ave in Somerville MA Top floor, renovated, open concept Off-Street Parking Private rear deck overlooking large shared yard Private laundry and storage in basement (half of basement) Low condo fee: $120Deep condo reserves and 100% owner occupied (financing is easy) Very bright and sunny unitGreat sized bedroom with bonus office/sunroom Open concept with well-defined spaces for living, kitchen, diningCertified Deleaded (no worries if you have a kid someday) Have folks done FSBO before?