Additionally, have to work around the concrete slab/driveway.New plan is to just finish converting the garage and instead of building out, raising the roof enough to get a second level.

The interior is going to be renovated in the upper ans basement will habe two rooms and a washroom (id be adding the kitchen) We have spoken to realtors in the london area and 3 have confirmed the home will likely sell for 600k as some homes on the same street sold in the past month.

Purchase price: $275,000 Cash invested: $10,000 This is our first investment property and is a fixer upper.

Purchase price: $275,000 Cash invested: $10,000 This is our first investment property and is a fixer upper.

Purchase price: $275,000 Cash invested: $10,000 This is our first investment property and is a fixer upper.

Can't talk myself into giving up the free money the employer is putting in for the 401k match, so I continue to contribute to mine at the level that gets the maximum employer contribution. 

@Sean McGrady: no one can give you a number, because we don't know anything else besides 3.5% down and you have 5k.  3.5% of a 200k purchase price is $7k, plus several thousand in closing costs, plus some level of reserve capital just to make sure you can fix the furnace when it breaks.  

The problem is that there is only one thermostat located in the upper unit.

The best way to build some equity is buy fixer uppers and add value by renovating.

I was humbled by the level of production and investment experience of my fellow group members.