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Check out the comps in the same area of where you are looking to buy, it's important not to invest too much into a house where you can't easily sell for the going rate of the neighborhood.
Have your subs pre-arranged, and ready to make a bid on work that you can't do, like electrical, foundation, roof....etc.
Be prepared to spend ALOT of your own time on the project, and realize that you can't pay yourself for all that time, but keep mindful of the # of hours/days you have into it, and try to get a good return when selling
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