Yes, this will be my first build, but I am quick learner and willing to do as much of the legwork and researching as possible. 

I did a quick sketch up but I have no idea how to attach it. 

Hi If I was approved for a loan for 180k but I find a property selling for 140k that is currently livable, however I  would like to spend money on cosmetic updates. Can I ask the bank for the extra 40k to do whatever ...

White collar tenants tend to move out more quickly. 

It's the kind of neighborhood we all dream about:  high 'walk score', safe feel, coffee shops, theaters, low crime, high rents, and LOTS of renovations happening on older homes all summer long. 

@Tyler BodiIt's hard to find good people and it can quickly become a money pit.

Find the areas that are nice, safe areas, but aren't the most expensive.

If I were in your shoes, I would probably look to house hack, as that is the cheapest and easiest way to make two quick steps towards financial freedom. 

Just did a quick Google search, and it looks like a promising avenue to pursue.

Thanks everyone for your quick responses.