A little background ...I have completed 2 renovations of SFR so far.

A little background ...I have completed 2 renovations of SFR so far.

I'm pretty new here myself, but you might consider saving up a little bit for a down payment and looking into a Fannie Mae HomeStyle Renovation Loan. 

Hi Joshua - I started "small"... bought a place to live in while doing renovations and also rented out rooms to friends.

Not bad for our first renovation.

Maybe I will hire her friend (my favorite new word..friend) whom is the spouse of the Realtor (Whom has set up an LLC in a name without the Agents name on it) whom is doing the renovation work with me.  

A foundation issue is usually fairly easily taken care of and if planned for in the renovation process and purchase price of the home, can still be lucrative.  

I would suggest starting from the beginning and starting to read about various aspects of buying, renovating, renting and reselling:- How to find financing- How to evaluate deals- How to estimate rehab costs- How to schedule renovations- Etc...Also, it's not clear what your exit strategy is here (long term rental, resale, conversion, etc)...that's something you need to decide.Regardless, start reading the forums, check out the Beginner's Guide, etc...

I'm thinking about buying the property to either buy and flip or just renovate and rent out.

I agree on kitchen and bath usually being the noticeable and having a good ROI, although they can sometimes be pricier renovations.