The house is in very bad shape and would be a complete gut but in a decent nerighborhood.

will i actually be able to enjoy any of the money i hope to make now, or should i just accrue until I am ready to quit my job completely someday?  

Hi all,I’m completely new to real estate investing.

I talked to the sleller and suggested it, he had never heard of it and is very skeptical but was not completely against the idea.

I myself consider this way of obtaining real estate a complete waste of time but then again there are other investors who will swear by this type of investing as being the greatest thing since sliced bread.

They rented your place for an agreed price and you're now offering them reduced functionality and features for the same price unless you're willing to cut them a big break on the rent.

And hands me a copy of the Portland Metro business journal.Each week they feature the top business in the metro area.. in real estate health high tech you name it.this one was top 30 new construction builders..And there I was Number 24  .. and well DR Horton was number 1. 

Or did you mean 5 year payoff as in the loans will balloon and will be required to be paid in full after 5 years completely ?

Price (like stick built homes) depends on finishes, features, etc.

All needed extensive renovations but did have some positive features such as newer roofs, furnaces, and solid structural integrity.