I've visited the building (noticed slightly negative signs that the selling broker wasn't serious or as involved), I liked the renovations and seems like a decent fit for a rental property. 

I've walked a previous project of his and has high quality finish.

How big is your project @Peter Grote? 

I'm currently working on a rehab project in North Minneapolis and it seems like everyday I find more junk and trash in my 30 yard roll off container.

I am a merchant marine, which gives me quite a bit of time off to work on REI projects.  

I have about 35k I can put towards this project as a down payment and to fix up the house.

Plan would be to complete the simple renovations, find a quality tenant, then refinance to pay off the HELOC.

Hi Dan et al, I'm an architect in Ridgefield CT (just over NYS border) and have done 100s of renovations on older homes (love them!).  

All of my properties are in Connecticut.So far:Triplex in New Britain- BRRRR complete and fully operational.2625 Rent Roll 100,000 acquisition  50,000 renovation, 140,000 refinance out 190,000 valuationDuplex in Manchester- BRRRR complete2500 Rent Roll 60,000 acquisition  60,000 renovation, 140,000 refinance out 190,000 valuation.Duplex in New Britain- Auction.com buy at the refinance stage.2475 rent roll  75,000 acquisition  20,000 renovation,  looking to refinance out 120,000 for a 160,000 valuationDuplex in New Britain- bad foundation renovation done this month2400 rent estimation 85,000 acquisition 20,000 renovation, looking to refinance out 120,000 for a 160,000 valuationDuplex in Manchester- acquired from wholesaler half rented and in renovation2300 rent estimation 77,000 acquisition 20,000 renovation,looking to refinance out 120,000 for a 160,000 valuationBrand new acquisition:2300 rent estimation 70,000 acquisition  30,00 renovation, looking to refinance out 120,000 for a 160,000 valuationI will be documenting everything I can about the 6th deal as we go.

Although the city treats this as a renovation, its really new construction.