We both are fairly handy and have connections to family members who would be a big help in the renovation process, considering we would have a minimum of a year to make the proper renovations.

We had a small fire in the common area of our association that caused damage to all six units.Some owners decided to take advantage of the situation and add on minor renovations to the repairs.The insurance company (Erie Insurance) recommended that we hire (Perfection Restoration).

Do you have enough cash to buy a property and renovate it and hold it for 6-12 months?

Using the capital I made from those closing invested in larger yellow letter campaigns, and incrementally increase my budget from there. 

People are moving into these countries, and into certain cities (making them even larger).

You would still be able to depreciate the asset and use bonus depreciation on any renovations during the first year.

In the listing for the house it said "This property can be renovated or there is potential to demo and sell the lot once things start accelerating in the area.

Right now I'm working on renovating hallway areas of an 8 story condo building and we will be removing (or creating) surplus materials - 8" stained/unpainted egg-and-dart crown molding, chair rails, and more than 200 light fixtures, - all in good condition.

Perhaps we need to plan a larger budget for the CAPEX, just to be conservative.

But have the agreement based on the agreed to price before renovations.