I would be patient w/your money....easy when you see it just sitting there....review several sponsors and vet like I've mentioned above.  

Go with a friend and split any deals you find, and/or look in a slightly less rough neighborhood if safety is a concern.

If it is, then I would keep some portion (6-12 months of living expenses) as a safety net.

I have been cautious/ patient but I am ready to get in the game.

Be patient and consistent.  

Yes - try other strategies, yes - keep watching the MLS, and yes - be patient and learn as much as you can from BP.

Do you have any drive by traffic, Post a nice sign in the yard ... couldn't hurt.Don't be patient !!

The conservative and moderate approaches are your safety nets that allow you to create wealth through appreciation.

Digressing here, but the second sketch has some safety issues relative to the location of the range -- including no set-off or landing space for hot pots while cooking, which is a serious error.I suppose the real point might be to ask why sketches and input are even being provided for locating a kitchen in a 4' wide "room"...Next up:  How to design the long walls of a 6 foot wide garage.

However, they are a little far from up-and-coming and have safety issues.I do not have the skills, a team, any experience, or time to take on a flip / total reno.I will be joining 1 or 2 REI groups to gain more knowledge and network.Let me know your thoughts about any of the above.