Just get the quick fix for now, and now that you know it will need a roof soon, you can budget accordingly.

Of course, I plan for the majority of my other deals to be value-add opportunity homes with a rehab budget but my main goal is to get started and eliminate my housing cost right now.Location - Love this pocket in North Austin that's close enough to the city but relatively affordable:Rent Assumptions in a 4/3:- Room #1 w/ personal bathroom: $700- Room #2 w/ shared bathroom: $600- Room #3 w/ shared bathroom: $600- Girlfriend sharing master bedroom w/ me: $450Total rent = $2350Deal Analysis on a 280k home:Questions:(1) Although $127/month doesn't seem too great, with the low down payment I'm seeing 9.9% return not to mention my current rent savings if included would mean 62%/year return while I'm living in it.

Now is the time to do all the homework of what the targeted purchase price is in relation to the targeted rental income and your savings (budget for acquisition), and the homework of what markets fit that criteria.

When I run a rehab myself, the budget is met and schedule is beat...and I’m not even close to being a professional.

again the budget is only $200k thanks.

The ensuing repairs increased the budget by roughly $12,000!!!

Repeat step #4. 8) Repeat step 6 with another brokerage---Now you have a ton of leads, and you have to hire out the work.Marketing budget: $10 (poster board, pictures printed from Officemax, and a Sharpie)Effort Level: A lotHope that helps :)P.S. 

Last year I swung for the fences and got financing on a multi family that I believed was WAY over my budget.

Track your spending and see where you can cut the fat out of your budget.  

They tear as many down per year as the budget allows.