Foundation issues and all.

I had the foundation stabilized $1800.  

I would be so worried about foundational or plumbing issues. 

@Patrick Foley sounds like you have a great foundation of skills and knowledge already, and wherever you might lack I would venture to guess you have trusted contacts that you can call on to fill in the gaps. 

Went into the deal expecting turn-key and my inspection revealed cracks in the foundation basement walls.

My wife and I are new investors and are looking to buy our first property.We want to make sure that we set up a good foundation to start our journey.We are trying to decide if we need to start with a business entity or not?

I informed the guy I found at the outset that conventional bank financing would not work due to my special circumstances (mostly because my income fluctuates wildly due to the nature of my work and my 2018 tax paperwork showed a loss)  and inquired about asset based financing, HM, other alternatives based on my balance sheet rather than on my most recent income statement. 

@Justin WalshHi Justin,You might want to think about letting the cash stack up for 3 years until you have $66k (in the bank), and spend that time learning what you want to do (and how to do it) and learning what you do not want to do.That way you are more in control of your situation than asking others what to do with the money, and you will have a stronger cash foundation to build your real estate business on (cash is King).

foundations bring the houses above the flood line by a brick or two. 

I rehabbed it as time permitted, but when I move out making it a rental everything had been redone except the big items (foundation, roof, heater, plumbing (except we did the sewer), and electrical).