@Jay HinrichsAn unusually high number of “gurus” had actually previously declared bankruptcy when their real estate “programs” , almost always highly leveraged, went bust.

If the buyer foreclosesa. if the house is bad quality and dealing with Lennar warranties is now my problemb. now I have to be the one to make the mortgage payments to Lennar3.

I highly suggest that you attend local REI networking groups and meetups to connect with fellow real estate investors. 

Such as cosmetic only (paint, light flooring & fixtures) or are you ok with getting a little deeper with plumbing/electrical issues, a bigger bathroom renovation etc.  

For a high end rental, if I were the tenant, I would want one.

Good Sponsors should have a portfolio of properties in different regions, and usually select properties rated Class-A—high quality, newer buildings with top amenities and low vacancy rates.    

My first thought is use this time to understand the quality of living that your future tenants will inherent if they rent from you. 

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A couple of facts: a) Not planning to sell it anytime before 5 or 10 yearsb) Planning to refinance it next year or so, after the renovations are overc) Planning to use the unit with backyard as short term rental- General contractor gave me a very high number.

I’m attentive to issues quickly and make quality fixes and updates.