I purchased a brick home foreclosure and have just cleaned it out and gutted the inside of it (it needed it).

If that's the case, you can't do any renovations until you have it professionally deleaded or it would be flagged for Unauthorized Deleading and you can get fined and the property would never be able to get a Lead Certificate, only a letter of Environmental Protection that states you did illegal work, got caught, then had to pay a professional to clean up the mess.

My aim would be to financing via a 203K loan (I do believe it will qualify), rehab the property (adding another bedroom and as much add-on sqft as we can, and after cleaning up the lot, subdividing it into two .45 acre parcels to either sell at a later time, or develop and place another property.

Cleaned up the place by removing all the junk ($500) and running an ozone generator in it for a few days to remove smoke smell.

@Adrienne Green thanks very helpful. it's my understanding it's outside the city on 3.5 acres

@Kyle Roberts Lucky for you David Green wrote an entire book on this topic called "Long distance real estate investing"But your key people will be a deal finder, a deal manager, a deal contractor, and a deal lender.

Go Green, Go white!

Tell her the deposit will be returned after she has vacated and returned the property clean.

HI @Scott Gadea, the answer is:  Save more money ORInvest in a lower cost market Both are methods that people have used for years to generate great amounts of financial stability or wealth, but the latter is a wonderfully efficient arbitrage play AND many would recommend this because of the fact that your home market is a cyclical market and you'd be wise to build assets in linear markets, or at least hybrid markets that blend the benefits of the two.For more information on investing in real estate outside of your home base area, check out David Green's book Long Distance Real Estate Investing

Cleaning fee=150x7x12=$12,600Gross Minus Cleaning Fee = $87,400365x80%=292$87,400/292=$299 Average price per night over a one year period.