You get grandfathered into the codes that were in place at the time, you get the old setbacks, you don't pay an architect, engineer, city and permit fees, plan check costs, school fees and other costs that will not come with an existing house.Not saying that you can't build new for less than a remodel, but not usually when you add in all the costs above. 

Looks like one is better for a flip and the other has an incredible upside with equity so we plan on holding that one. 

@J Shoe A trust isn’t used for asset protection purposes, it is purely for estate planning.

New RVP flooring and painting walls, trim, and ceilings are also included in this cost.Deck additionWith space to enjoy the great outdoors continuing to be high on home-hunters’ wishlists, a deck addition is a great investment, even if you plan on selling soon.

Always be very careful when writing up your lease to the new tenant. 

Check all docs carefully. 

We only have my husbands income, I'm retired and stay home to take care of my granddaughter. 

I need to draw up plans, get a site survey and do some other build up.

I am just starting my plan on getting my first investment property this year.

If you don't have experience, you'll have a hard time getting financing on something like this as your first property because lenders will want you to have experience, especially if you don't plan to hire professional management.