It will be a costly full gut and remodel when he moves out.

Purchase price: $287,000 Cash invested: $100,000 Our newly remodeled 4BR / 2BA mountain villa features all new furniture, 3 King beds and 1 Queen Bed, and plenty of parking for at least 4 vehicles.

If the house is distressed and you are looking to remodel the place and make the neighborhood better I usually get some great information. 

@Tanner Lewis Just a bread and butter remodel, funded by an investor we work for. 

I think a company that would arrange to put a used, older, reasonably remodeled home on to a vacant lot on my park to sell in place would be very successful- particularly for us 'mom and pop' operators.  

@Travis TimmonsWe too are close to finishing a gut down remodeling and renovation on a beach house in NC.

You get grandfathered into the codes that were in place at the time, you get the old setbacks, you don't pay an architect, engineer, city and permit fees, plan check costs, school fees and other costs that will not come with an existing house.Not saying that you can't build new for less than a remodel, but not usually when you add in all the costs above. 

I have just completed a full remodel of the basement unit which will be up for rent here soon and there is a long term tenant in the cottage house in the back.

Purchase price was 145k and after a 15k rehab the current estimate is about 220k.I’m currently remodeling my primary and once that is complete I will have about 250k in equity.My minimum goal for cash flow from my portfolio once I leave my job is 5k a month as I have a side job already in place.

The property is paid off, fully remodeled and has a tenant in place whose rent exceeds the monthly loan amount.