As I study more, ill just have to figure the approach best fits what I want too accomplished. 

Study your market a little better.  

If i was you, study and do your homework.

Not a very extensive rehab is required; however, upon inspections an active termite infestation was discovered.  

This weekend I discovered that my water heater is leaking.  

Unless I found a lender or someone willing to partner with me on this, it's more of a study than anything.

My home currently has a market value exceeding $1,000,000.So I studied what the high value area are, and how or why they differ than low value areas.

This is actually my first post on here, I just discovered BP last week.

I'm studying mech eng at McMaster.

Getting an environmental study completed and obtaining all of the approvals needed from the local municipality before actually purchasing the property is also a way to reduce a potential disaster.