Purchase: $80,000 found through a wholesaler we had worked with previously on another dealPlan: We plan to entirely gut the property and redo the entire house on the inside adding used stainless-steel appliances, adding all-new lighting, refinish the hardwood floors, update the HVAC unit, paint, and updated the kitchen and bathroom.

I have just put an offer on a home (legal 3-flat; I will live in one unit and rent the others) that the seller gutted and started doing work.

Don't forget to trust you gut and check references!!

So I don't have a bonified strategy or niche yet, but my gut tells me to keep doing just common residential real estate for now because it's what I know and what has been successful for me thus far.. 

I have a two flat unit in Chicago in need of a total gut and rehab.

My gut says run, but my head says *IF* seller concedes enough, anything could be a good deal...

No dishwasher, no garbage disposal, no ice maker, vinyl mini-blinds placed on all windows, basic lighting and fixtures.If I was flipping this unit I would have gutted the kitchen and bath, added A/C, finished the basement, higher level of finishes, etc.Saved money by keeping the existing windows, kitchen cabinets, original doors.Opted not to do A/C due to re-ducting cost. 

If the property is missing key components like plumbing, a roof, electrical or has been gutted then no they will likely not lend you $ on it but if it’s a remodel and the major systems are in there, and there are bathrooms with plumbing and electrical and the kitchen would need to have cabinets etc... if this is a home in ok livable condition they will lend to you

I think this is a tricky one, and that while you wil have to run the numbers, it will come down to a gut call about whether you think real estate investing sooner is worth significantly increasing your mortgage payment.

I decided to and have gutted everything in one unit.