As a younger person, for example, one might be more inclined to focus on the long-term game and holding assets or land for extended periods of time.Either way, take some time to listen to the bigger pockets podcast and read through the forums, and see what jumps out at you and piques your interest.

@Brie Schmidt low unemployment isn't a leading factor for a recession, it just so happens that unemployment goes higher in a recession, so the period leading up to a recession ends up looking very low. 

Whether you're gutting or just updating I would just go with inexpensive fixtures and materials.

Account Closed mortgages are usually created by mortgage brokers (especially due to new limitations set forth in the Dodd Frank act from what I understand) and mortgages are amortized over a certain period of time. 

Is there a "seasoning period"?

There is a 6 month seasoning period after the initial purchase to do a cash out on the increased value post rehab. 

If a buyer of mine is in the situation where the numbers are heavily reliant on that extra bedroom, I will write it as a contingency into the contract that the legal use of that bedroom is confirmed during the due diligence period so that, in the worst case, if it's unusable, we are able to offer a different amount or back out if the seller won't play ball.Feel free to message me if there's any way I can help!

Older homes have more risk, in my opinion, because things may not be level, you many not be able to use standard/bulk items, specialty items cost more, you need to create a space that matches the house period, and the potential pool of buyers who desire older homes is smaller (at least in our area).

If she files a chapter 13, she has to pay the arrears over a 5 year period AND the normal monthly payment on both loans.

Does it need a full gut rehab or is it just cosmetic updates?