Looking at the deal now as a flip or rental i would not have moved on it, but living in the place for 2 years and getting my feet wet in real estate was all worth it.

Concrete doesn't "rot", and you don't have a wet basement.

There were several replies that were from newer flippers and congrats to them for getting their feet wet.

Must be used WET.

I will flip a house even if its only a cosmetic update I will get my feet wet!

Not saying you need to have a wet tile cutter, drywall taper, etc all the time, but the basics.

Not to be a wet blanket -- I know everybody loves Craigslist -- but the metric really shouldn't be how many responses you gte from an ad; it's how many qualified tenants you get from an advertising channel.

If things go well, we'd like to continue doing deals, but I consider this to be the only deal with the same 5 individuals to get our feet wet.

Keep in mind for the 203k loan you will need a general contractor to do the work, you can't do it yourself.For the second house, I would wait till you are done with the first, get your feet wet there. 

I like Jon Klaus's solution with the tub and shower combined in one wet area.