The house is not in bad shape but it is extremely old and the whole house needs updating.

After reading the Occupants from Hell thread, I would approach a situation like this with extreme caution.  

But, I have a lot of rehabbing experience and I am extremely selective about what I buy. 8)

Fees are extremely high.

So, I really should be relying on rentals and buying ONLY at extreme steals to resell at a steal as florida is the WORST in the USA for the housing market and value decline.

On an extreme example, if I were to pay cash for the entire property of $46,000 with $600 rental income, I would definitely cash flow, but it may not be the best use of my money.Mike it looks like you live in Ohio.

Driven, IMHO, by money coming out of the stock market after the bubble there and the extremely low interest rates and loose lending practices.

This seems to be a very active - and extremely informational - place...Thanks for the welcome....and I'm hoping I get out of this with a credit score still above 700....especially with the lending industry going the way that it is....One follow up question - how do you find a GC (or other repair man) who is willing to do small jobs - I have a few places which could use small jobs (e.g. installing one window, some trim, hanging ceiling fans, replacing door frames, minor electric work, etc, etc, etc)...but everyone wants large remodel jobs - not the small stuff....Help!

Have you ever gotten comps on an appraisal for a home you're buying where realtor purchased comps are extremely low (as they reduced the price paid by their 3or 6% commission?)

Craigslist can be an extremely valuable resource.