I cashed in on a larger home, renovated, and move the family in. 

@Yumiko A.No it doesn't need to be rundown necessarily, but it's definitely going to be a home that requires pretty much a complete interior renovation.

@Steven M Herrick If you run the numbers based on After Repair Value ARV and how much you're buying for, renovation cost and what rents are going for, will it cash flow?

And they are often blissfully unaware of how much renovations will cost and therefor drive up the price even if the listing is in poor repair.

It's a family home in Richmond, Va that was purchased and renovated from a tax sale.

Im renting one out now & currently renovating one.

Some of the estimates I've gotten are between 30-40k for the renovation so this could be pushing it.

It also goes a long way to incentivize the agent with giving them the listing on the back end so he brings you more deals.How we financed the purchase of the property:Worked with a hard money lender and private lenders to borrow 90% of the purchase price and 100% of the rehab.We paid 12% interest and 1 point which is 1% of the borrowed amount.Construction funds are released in draws as we make progress with renovations.

Hi BiggerPockets Community, I am about to sell my first renovation project where I remodeled the basement into another living space (there is also a separate entrance to the basement). 

@Alyssa Mccourt Depends on the buyer or investor.If you are planning medium to major value-add renovations and rent bumps, AND the property is smaller in size, under 4-5 units, then taking an empty property can vastly speed up your renovation schedule.