If your not sure you can do your first flip / renovation then I highly recommend finding a partner whose done a few flips to invest with.

Don't want to overpay on the going-in price or over renovate just because you are going to live in it.

I'm living in one unit while renovating it, I work out of town as an IBEW lineman which has made it difficult to "knock out" the reno.  

I have no experience renovating a historic home.

We wouldn't really be interested in buying the house and holding it - we have a goal to start August 1, we were just a little nervous about purchasing the house, starting the renovations and then not securing the financing to finish the deal.  

A side benefit is the Roxul (rock wool) insulation helps with sound proofing ... we have even begun putting it the walls surrounding washrooms and laundry rooms when we undertake a deep renovations.

In Orlando, $40k is going to buy a renovation project that will make a good lower end rental after renovations.You may wish to look in the mid western states.

I also plan using wholesaling techniques to acquire more properties or sell the ones that do not fit as a good rental.Ive owned my own home for 15 years and have done major renovations by either myself or as a general contractor.

I purchased a home and began renovating it while I stayed with my step-father.

I have a home in NW Oklahoma City that needs a full renovation.