Real estate is a business.
There are common and approved methods for making decisions.
If you must rely on others for experience, choose the most experienced professional available.
First - go into the property, preferably with a professional (contractor) who can put a dollar figure on the fixes needed AND the fixes you want.
Assess the level of expense, time and involvement that this will take.
Decide if it is within your personal comfort level.
No "deal" is so good that you cannot walk away.
Ask a local lending professinal to give you a verbal valuation of the property with the improvements you are planning to make.
Ask if they will make you a loan to do the work and the eventual end loan.
Assess the costs, the possibility of the use of the end project, the time involved, and the comfort level.
Now add 35% to the cost and 50% to the time and re-answer.
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