I've noticed that, in reality, while demo expenses are a big part of it, oftentimes people severely underestimate the other costs involved, like getting everything drafted/designed properly and getting every part of the construction permitted by the City.My overall point was that demo costs are more predictable and foreseeable, whereas people that consider demo and rebuilds oftentimes underestimate the other costs involved, which tend to add up to so much upfront cost that demo/rebuild projects end up being a not-so-great investment decision after you crunch all those numbers.  

So, 6k in cash and proper insurance would cover a full roof, or most of both furnace replacements (retail), or a large variety of odds and ends. 

Just make sure you think about the purchase properly and really make sure it fits with your goals.

What should I look for and what do I need to know about my market to properly analyze a deal in a reasonable amount of time?

It can be a great way to get results for your retirement savings if executed properly.

I have joined BiggerPockets to share my commitment and expertise with the BiggerPockets community by offering professional guidance and advice in areas including real estate deals and transactions, business development, and project management strategies to improve outcomes, budget management and customer solutions.As someone who has personally experienced, solved problems and developed projects in the areas of real estate development involving engineering, architecture, construction I welcome conversations in these areas as well as those below: Areas of interest include: pro forma development, technical due diligence, strategy and company growth; development, deals and transactions; portfolio development & management; leasing; construction, engineering and architecture in project design and technical operations.Real Estate, Construction and A/E, project manager, Real Estate Investor with more than twenty years of integrating business, engineering , architectural expertise and real estate development, construction management experience in designing, managing and investing in more than $126.5 million of commercial and multi-family properties and over $100 million in private and municipal projects encompassing design/build, structural, electrical, mechanical/civil engineering and architectural services, construction management, real estate investments, due diligence, pro forma development and financing.

Agree with hard money loans with the caveat that you have to know how to properly underwrite them, or have somebody on your team that you implicitly trust to do this for you (but this is something that I wouldn't personally outsource).

Learning how to properly analyze deals is key #1.  

I currently reside in Boston doing sales in the e-commerce sector and have decided to take the plunge into real estate investing ever since I had the pleasure of reading "Rich Dad Poor Dad".

E.