Ways to mitigate the risk is to continue strong communication with contractors with weekly status updates.

First, if you "sell it now" and then continue to do the work you put yourselves and your buyer at risk as you will be acting as an unlicensed contractor.

I'm in the "look before you leap" phase right now trying to educate myself. 

Our goal now is to take our learning materials and tools to continue our search for knowledge and gain experience working with mentors and other like minded individuals in the industry.

I’m by no means a real estate expert, but I’ve spent a lot of time on my education.

Our goal now is to take our learning materials and tools to continue our search for knowledge and gain experience working with mentors and other like minded individuals in the industry.

Scenario 2- Continue renting for the next few years and save more money....hoping for a price adjustment in the market buy a 3 bedroom, live there, and still purchase rental property after 2 years keeping the 3 bedroom and either staying out or renting out that as well.  

I am just starting out, but I my hubby and I did really well on our first fixer upper, and want to continue the wave here pretty soon.

One reason I don't predict a major crash again well a few.. and why I think fence sitters may get a sore butt.is that so many of the NEW crop of landlords are better prepared than pre 08  they have more money into the deals they are far more educated.. the turn key business is far more mature and reliable than pre 08... so that helps those markets. financing has been locked in at historic lows 5 % and under long term money is ridiculously good.. also this crop of landlords had the best buying seasons ever coming out of 08 to 2011.. so asset values were reset to under replacement values and under by a long shot in some markets.. 

I'm interested in a triplex and in an effort to get as educated as I can on it I went and looked at the county website for the document history on the property.