4br/3ba SFR1900+ sqftLot: 6,655 sqftBuilt: 1988Location: Palmdale, CA (Far East side, Think 50th and Ave R) - 60mi Northeast of LANeeds $50K renovations (big ticket items - Kitchen: refinish cabinets (not replace), stone counters, tile backsplash, faucets, appliances, tile flooring, recessed lighting - Master Bath: Stone (or less expensive alternative) counters, recessed lighting, new double mirrors, double faucets, glass shower enclosure, new tub, new toilet, tile flooring, replace broken windows - Back Patio: Refresh and replace all rotted wood on patio cover; paint) -- Main level: laminate wood flooring -- Upper level: Carpet throughout) - Roof Good, Plumbing good, HW Heater may need to be replaced, HVAC will need inspection and cleaning.

Detailed breakdown of my estimate is below TASK UNIT Materials Needed Line Item Cost Remove Old Siding Per SF 2,800 $1,400.00 Vinyl Siding Per SF 2,800 $14,000.00 Lawn Maintenance Per 1/4 Acre 2 $70.00 Roll-Off Dumpster Dumpster 1 $350.00 Full Demo Per SF 900 $360.00 Natural Gas Hot Water Heater - 50 Gallon Per House 1 $710.00 Replace All Supply Lines Per Fixture 5 $1,000.00 Install/Replace Tub Per Tub 2 $1,500.00 Build Tile Shower Per SF 160 $3,120.00 Bathroom Sink Per Sink 2 $140.00 Kitchen Faucet Per Sink 1 $90.00 Bathroom Faucet Per Sink 2 $280.00 Trim Kit Only Per Tub 1 $360.00 Install/Replace Toilet Per Toilet 2 $540.00 Upgrade Service Per House 1 $1,400.00 Rewire House Per Fixture 50 $3,000.00 Add New Switch Per Switch 15 $1,875.00 Install Can Light Per Can 10 $1,000.00 Bathroom Vanity Light Per Light 2 $260.00 Replace Heat Pump Per Unit 1 $2,750.00 Batt / Blanket Insulation Per board foot 21,600 $11,880.00 Wall Board Per SF 18,000 $20,880.00 Exterior Door Per Door 1 $230.00 Interior Door Per Door 10 $2,450.00 Sliding Glass Door Per Door 1 $850.00 Paint New Sheetrock Per Floor SF 1,800 $3,510.00 Install Kitchen Cabinets Per linear inch 360 $6,300.00 36" Vanity Per Vanity 2 $460.00 Granite Countertops Per SF 40 $2,440.00 Install Laminate Wood Per SF 1,800 $10,800.00 Permits Per House 4 $800.00 Refrigerator Per Appliance 1 $1,200.00 Range Per Appliance 1 $1,200.00 Dishwasher Per Appliance 1 $550.00 Microwave Per Appliance 1 $300.00 House Cleaning Per House 1 $200.00 Total - - $98,255.00

I am ready now, with a lot of home equity to borrow and a partner also.I am enjoying this site with its wealth of knowledge, and have read more than halfway through "The Ultimate beginner's guide to real estate investing." 

I see what you mean about finding alternative means for getting cash flow, finding anything with half way decent cash flow seems pretty difficult.

The back door has gaps in the weather stripping at the top through which light can be seen.BATHROOMSThe bathroom GFCI outlets tested as being ungrounded and did not trip when testing with our tester (it did trip when the outlet's button was pushed).The bathroom is missing a window or exhaust fan to help control moisture.INTERIOR ROOMSKitchen and dining room windows have cracked panes of glass, many of the windows have damaged cords at the sides and no longer stay up when opened.

This year took off halfway through January which can only mean its going to be a crazy summer season and values should continue to rise faster assuming no global or micro-economic shifts. 

It's like getting a new pair of glasses.

As in "I can hardly wait to ...".In my experience, clients who say things like that are about to slap on their rose colored glasses and make bad decisions.Step back, analyze the situation and proceed briskly - but with a solid game plan in place.

Wholesalers tend to have some rose color glasses with actual rehab costs.I suppose if I could dedicate enough money to be able to payoff investor loans I could avoid the %rate hikes in the future.

I've been involved with similar projects as a lawyer, a potential investor, and as a glass-and-glazing subcontractor on a construction project.