Hi Josh,If you're going to do this, you'll need to find the leak and fix it before fixing the ceiling.If it's wet up there beware of electricity too.The ceiling can be a homeowner fix (how well it's done is up to you and your skill).If you choose to try it, you'll will need to match the drywall texture, and prime the fix and entire discolored area with primer that covers water spots, and repaint the area to match (or the whole ceiling).If the drywall is heavily damaged that will need to be replaced too.The sell texture repair spray to help with this (see YouTube for how to use it).Good Luck!

@Braden Downs I definitely consider that area higher risk high reward in some spots.

@Michael Ealy your comments are spot on.

We love 3/1- 1200 sq ft, those are our sweet spot!

It's rural and more of a vacation spot than a metro area.

I think you’re in a strong spot for your first deal.20k is a good amount to make a flip work.

This was bank owned in a prime spot of NE Minneapolis.

Looking forward to repliesI know Im in a similar spot...not sure if I should do a cash out (I have a decent chunk of equity in there) or just save up the 25% for the next one

.$57,600 was...or is it $57,700....800...900....you get the point, that either was or wasn't your max.My suggestion is 1) make your escalator more substantial like $250-500 increments, its a more tangible increase to the seller, and also you're less likely to feel like you lost over a small balance. 2) be better prepared to offer on the spot whether being pre-authorized to offer by your wife, or having a initial convo with her before you go so that you can then call her at the property and 'confirm' her approval.

I spotted a house for sale for months and months in a beautiful area in hilton head island, SC.