One of my main concerns is that they have an oil burning furnace with (im guessing) asbestos pipes.

Looked at a REO the other day (single family) and the basement had an empty 225 gallon oil tank that had leaked out.

We won't move into the house until the renovations are complete.Here are the details:- Home Purchase Price: $220,000- Renovated comps sell for $375,000 - $425,000- Renovation Budget: $60,000 - $80,000- Available Cash: $50,000- Household Gross Income: $145,000 (but daycare eats up $20,000/year)- Existing Debt: $0- Credit Score: 749The renovation will include the following upgrades:- (Contractor) New Electrical (first floor is knob and tube)- (Contractor) New plumbing (functional but has galvanized supply lines and bathroom needs gutted anyway)- (Contractor) New Gas Furnace or Ducted Heat Pump to replace oil furnace. - (DIY) Insulation/air sealing upgrades in attic and crawlspace- (DIY) Kitchen, Bathroom, and Laundry Remodel- (DIY) Refinish existing wood floors on main floor (and carpet upstairs if budget allows)- (DIY) Interior painting (and misc. drywall and plaster repair from other upgrades)The good:- Foundation is in great shape, house is level and square (as much as possible for 110 year old house) - Interior is bone dry with no rot or mold- Roof had a full re-sheath/replacement last year- Exterior siding is meh but in good condition with decent paint- Windows are original wood w/storms but well maintained with historic value.- Eventually we'll add a second bathroom on the second floor directly above the existing bathroom. - Some charming original details (porch, molding, doors, wood floors, fireplace)- I'm an architect by trade and both my father and father-in-law have construction experience and are willing to help with the remodel.What options do I have to finance this and do a significant amount of work myself?

Apply a coat of Minwax (oil-based) polyurethane with a different lambs wool applicator.  

The building seems to be well taken care of, have to check the roof still, no buried oil tanks,.....what else am I missing?

@David Cook Our market currently is like buying an 60% Oil / 40% inverse S&P 500 index ETF we tend to track relative to those factors (at least that’s the commonly held perception).

Tip #1: Learn to turn lemons into lemonade.

I have a few houses that I painted the hardwood floor with a oil based brown and it worked great.

I am learning about modular homes and how to finance them to turn this lemon into lemonade for the cheapest cost I can to get it cash flowing. 

Hey @Julie Hassett,The numbers seem good to me, I don't see what @Sandra Holt is referring to either.The two details that stand out to me are, it doesn't seams right they are adding Oil Heat paid by tenants into GRM calculation, and the closing cost of 15K seam high.