I was just talking to someone about the market there with how people who are doing fix and flips are seeing some real good returns and changing neighborhoods.

Are you looking at buy and hold, single family, multi unit or fix and flip?

Sure, it’s not a long term fix, and you may have to patch it up yearly, but I think $12/yr for a bag is a good investment. :)

In addition, the property after value add is likely to have initial cash flow and, if I am correct about the continuing rent appreciation, the cash flow will increase each year while my fixed financing is constant (a little variance due to escrow holding). 

If we live in the home while fixing it up and sell, what percentage would we have to pay to SC for short term capital gain?

I bought this house under my Llc in an Auction and I have been fixing it up my self.

I bought my first investment property for $2,900.00Find a way to buy a cheap house, fix it up, rent it.

I would never "gut" a house unless it had an issue requiring it (water and mold, smoke damage, termite damage, etc)We usually will "fix" something instead of replacing it if we can. ie, a door with damage gets wood putty or sheetrock mud and then a repaint.It's always a balancing act to put a property in market condition and still have the margin  for adequate cash flow.

I have complied with their inspection process to get tenants in, one required me to fix a neighbors fence that wasn't on our property but was leaning into our property just to give an example of what they can come up with.   

Electronic darts are an alternative to the pool table, $30.Be prepared for things to break on a Sunday, and you'll need to fix it pronto.