Additionally, there is so much waste through a real estate transaction, it will take a long time to fully optimize the process (brokers, lawyers, title companies, appraisers, inspectors, they all have areas which can be optimized) I’m a licensed broker in NJ FYI

However,  I think it might be possible for you to buy another property, use additional leverage when purchasing it, and get some of your equity out that could then be used for the improvements that you want to make on the fixer-upper.

@Lamont Marable Be careful encouraging others to use "Morris Invest" if you do a search here on BP you'll see hundreds of posts of investors who have been scammed and lost thousands of dollars using them.I would avoid them at all cost and always do additional research when getting recommendations or seeing a t.v host face on YouTube selling 40k homes.

In addition to the association allowance if you plan on doing Air BnB or short term vacation rentals don't forget that there is an additional Transient Accommodation Tax, bringing your total tax requirement to ~14%

In addition, after meeting up with a prospective tenant walk them to their car.

In addition it's a good idea to have a stronghold in an area with local builders, handymen and contractors to get quality work done and on budget.

Just an update with some additional info.

Again, depending on the age and condition of the property, and the quality of tenants.Add an additional 10% for PM.  

They might require additional premium in order to insure over these issues (which the seller should pay, imo) or they may say "No" and either you would need to agree to accept the risk or the seller would need to fix the problems... because they essentially built over someone else's property -- 3 times!

Link removed; Self promotional in addition to McAffee warning to avoid.