Lets look at a few options, 1, Major remodel and addition,Generally you can build an addition up to 50% of the existing house size without triggering a full code upgrade on the rest of the house.

I've looked online, but haven't found anything that I'd want to pull the trigger on in that area.

If you are investing with that mindset, something is going to go wrong for you, either a tenant not paying rent, a repair that needs to be made, or a personal injury lawsuit because of a repair you didn't feel like making at the time. 

Don't rush, do your research and due diligence, and most importantly, don't be afraid to pull the trigger.

It is always easier to pull the trigger on a deal when you know you have a couple of buyers that would be interested in that property.

But I am too scared to pull the trigger on a rehab property.

I am just going to pull the trigger send out post cards target some motivated sellers directly instead of searching the MLS scouring craigslist for a property that might be a deal.

That's not to say that you can't make great money investing in them, but I'm always more diligent when deciding to pull the trigger.

When you sell, it'll trigger a $15k capital gain which, depending on your tax bracket, will result in an additional $2,250 to $3,000 in federal income tax.

@Chris Purcell That's the plan - I've been looking at Michael Quarle's site for when it comes time to pull the trigger.