I specialize in sourcing fixer uppers for landlords and flippers and I can tell you from first-hand experience inventory is very low, and as a result, very expensive in these pockets.

Then do leg work on how you're going to get your upside once you own it (ie rent increases or cutting unnecessary expenses.)Good luck, you'll learn somethings far more valuable that getting/owning a property. 

I have been working in upper level management for conventional and student housing for the last two years now gaining lots of knowledge in leasing and the market.

There is a property that I am interested in that is defiantly a fixer upper and could be a candidate for hard money.

But you have to be willing to do the leg work (phone calls, driving for dollars, post cards, etc.)

I'm going to play the devil's advocate--I think you should always look for a fixer-upper for a hack.

We are buying an investment property in the Upper Peninsula (MI).

Along with that, we have been thinking about also renting out the upper level of our home for a year while we lived out of our 5th wheel trailer.

On cheap fixer upper houses it’s usually a roof or heating system dying

While you should have some money in the deal, if you do all the leg-work and create a plan about getting the investors' money back, it should work!