Also, make sure you know what the monthly HOA dues are as these can be pricey and make it difficult to make money off of the rental.

I have a quick clarification question regarding hard money loans for fix and flips.

I've been in Mortgage's for 25 years and have lots of money sources for flipping, investments and hard money.

The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money.

However, especially for your first, I would suggest the money you pay for either option is a better value than doing it yourself.Pursuing an investment with a partner does complicate hings slightly and I'd recommend discussing the legalese with an attorney.How do you stop a tenant from wrecking your property? 

In that regard you better put money into CD. 

And having had to hydroblast roots out, about $3k expense, and then the pipe likes to collapse, so you can often be in about $10k+ for a full repipe to the street, plus landscaping repair on top of that.Foundation can also get pretty pricey.At the end of the day, having done 8 flips, I still think of them as if I can make money, and learn something, I am doing well. 

If you feel more comfortable having a lawyer review it, that is still a stronger starting point to save money since they are not starting fresh. 

if it's a low rent area then clean it up and don't spend the extra money.

I really just want to pull some equity out do some updating on it, and put money down on another condo/townhouse most likely Florida or another  condo in same subdivision, pay off some debt.