First property to flip!

Our first reno adventure began when my husband and I visited my mom & dad over Thanksgiving 2011.  Dad had seen a couple cute properties in a nearby historical town for a super low price.  The next day we went out with his realtor to take a look at them.  With excitement and anticipation rising, we made our way out to mom & dad's, which is about 45 minutes away.  We were met with disappointing news: the sites we looked at were already contracted to be sold.  The realtor had one other place to show us, and I half-heartedly said, "ok, but is it even worth it?"  With one look at the new MLS listing, I was not impressed at all, to say the least.  It is in a historical town close by, near the base of a major mountain range, and very decrepit, featuring spongy floors in the high traffic areas, holes in the bathroom walls, a scary stairway, peeling paint, and snake skins draping down from out of the dark kitchen abyss.  Gross!!!  BUT, the more we carefully considered it, at it's $90,000 price tag, potential to split the lot, and good structural integrity, the more hopeful we got.

It took the back burner for the next few weeks as Dad gathered the financing paperwork to offer cash to get a lower price.  Exciting news came from my dad in mid-December when he called to announce an agreement had been reached with the seller at $55K!!  We were thrilled.  The property has been assessed at the end of 2011 at $130K, so when we are done with renovations, we hope to pocket a pretty penny.  My parents have agreed to finance the deal including renovations and my husband and I have agreed to put time in with reconstruction and interior design to rent or sell in a year or so.  My dad is an architect by trade, so the plans have come easily and quickly.  We have put our heads together so far on what additions should be made as well as discussing timeline.  Mom & Dad go to settlement on Wednesday.

We visited the property with my whole family on Christmas Eve together and took a bunch of pictures ("before" pics!!!) for all of you who would like a good idea of what we are dealing with. Feel free to add any encouragement and/or advice!!!