Although I did not take @Julie Kern's full advice on reducing the rehab, I did reduce our scope of work a lot so that hopefully we do not overdo it.Scope:New flooring - laminate downstairs, carpet upstairsNew kitchens & bathrooms - complete gutsNew RoofElectrical work to remove wallNew Privacy FenceSmall things I plan on doing myself:LandscapingPaintWhite wash fireplaceOne thing that is giving me anxiety is the house has those stupid textured ceilings :)  that are harder to get off than normal popcorn ceilings.

There are far too many things to list so I won't even bother.Be sure to look in every unit, every closet, every appliance, every window and screen, floor and ceiling, etc.

Buyer has accepted but contract not yet fully executed, as many know the way FNMA works is you make the offer, they give you a verbal acknowledgement, then you have 5 days to "formalize" your offer with their REO addendum, then they turn around and execute the contract.This home has some high end stainless steel kitchen appliances, Supra washer dryer combos (two of them), Dorn Bracht faucets, brand new air conditioning units for outside Gazebos, steam shower body jet roman tub modular units, Miele dishwasher, 48" long SS outside BBQ unit, etc etc etc...and because the home was never 100% finished, some of those appliances were not hooked up or installed, they sort of sat in their space but some still had styrofoam wraps around them or manuals taped over them.So, I listed all those in my contract to purchase, where you typically list included items, like ceiling fans, window treatment blah blah blah.The Listing Agent wiped all that out.

I have a 490 sq ft 1/1 with 6'6" ceilings in a subprime location 15 minutes from town that rents for $750.

You will have wash all the walls and ceilings before re-painting them. 

The reality is that most conventional lenders will not allow you to go up to the 10 loan ceiling.  

I did find out that because their daughter moved out that they just don't need that much space, and for just the two of them they don't want a yard anymore, as the dog was the daughters, and the daughter had the entire unfinished basement filled to the ceiling with storage that she had been paying a lot to store in self-storage.

It has an open vaulted ceiling and needs a new roof.

I saw a beautiful 2br across from Adair Park with 11' ceilings that had my name on it but it went under contract the next day and I can't wait to go back after it closed to see if it sold above list price of $50k. 

Vaulter or high ceilings are always a BONUS!