If you are otherwise established in life and have a pool of money to invest, start out right.There are no absolutes in this discussion.While the rest of your post is great, thank you for the input, this is the section that I really enjoy.  

However, I love this property and would look to try to rent it out probably as a vacation rental where it would bring in 2-4k weekly easily after all renovations are done.

I enjoy learning as much as I can about real estate online and this site seems very helpful!

Which I enjoy to say the least.

More strategic questions about whether this property will enjoy some momentum or if there's a serious issue to address.Albany ( pronounced Awwwl binee) -  It's a good sized town but the economy isn't terribly diversified.  

@Brian Burke    I heard you on Michael Blank's Apartment Investing Podcast and I really enjoyed it. 

I got really sick, went on vacation, and started a new job.

I'd really like to own a property in the city, mountains and beach so we can choose which we want to enjoy for any period of time we want!

He happened to be at a time in his career that he was not interested in growing but maintaining his accumulated wealth and enjoyed being a realtor.

While I wait, I can take my time to rehab as my budget allows and enjoy the space for myself. ;)  And before anyone else suggests it, I am not wholesaling or renting this out (immediately anyway).