Looking back I think my parents were concerned about kid safety and having my younger siblings mimic that behavior.    

There's not enough "margin of safety" in the deal.

I am using conventional financing and the appraisal came back that the pool presents a safety issue and must be remedied.

During these stages I only respond to matters of repair and safety.

If they want a ceiling fan, window air conditioner, bath safety grab rail, etc. then charge extra rent so that the upgrade pays for itself in a few months.

It's best to keep a policy in place as a safety net for when you get a total loss.

@Alaina Nolan Yes, we could do that, but prefer to have the safety of knowing his entire allotment would be available to use no matter how any investment in Augusta would turn out.  

Besides the safety of your own children, you also need to worry about the safety of your tenants.

The trick is to get started and not get stuck in perpetual learning mode but at the same time not to fall into any high-risk or scam type situation  - lots of sharks out there ready to jump on novice investors.   

This is certainly a job needing permits and geology compaction reports/inspections.The demo portion is easy, simply knock out the bottom of the pool (every building and safety department has their own rules so some may have you demo out more than just the bottom) and demo the coping, tile, and pool decking.