I could write a book...been there, done that, enjoyed every minute, made a huge profit when I sold it. Just be prepared for the reality of what you're getting into. All vacation days and weekends (for many years) will be spent working on this project. Say goodbye to; new cars, clothes, hair salons and manicures (your hands will be disgraceful). Family will have to deal with the fact that you aren't going to be buying them any gifts. No more "take out"...well, maybe pizza and Chinese. You will be living in a construction zone 24/7/365.

Offer 66% of the asking price and don't budge. The larger the wreck, the harder it is to find a buyer. I made the same offer every nine months for three years before my offer was (grudgingly) accepted.

Good luck...and, being unmarried, consult an attorney as to how you should take title.

Chiflipper isn't kidding when he says that house will be your entire house. If you don't have the money to get it done in a couple years, then walk away. Assume you're looking at $100k easily in home repairs and maintenance. I just moved into my BF's home that was built in 1950 and the attached garage has major settling issues that to simply lift the structure up will cost over $24k. Furthermore, the electrical is old, so that needs to be upgraded, the basement requires drainage tile/sump pump for water issues, the original windows need to be restored (plus buying new storm windows), the attic needs proper installation, and I could go on with what we need to do (just yesterday realized a Maple tree has fungus and needs to be taken down $$$). Oh, and did I mention he bought the home 3 years ago as a HUD purchase (got a steal of a deal) and already has put in $20k simply to make the main floor inhabitable. We are working on finishing the basement now, and then tackling the garage, which has a sun porch above it (one builder quoted over $100k to tear down and rebuild). Now my BF and I had separate projects before meeting, and I know what I'm getting into by moving in. Don't become house poor!! One of the top reasons for divorce is remodeling homes....

sandi125...It was standard practice for copper pipes to de-burred (sanded) after cutting and before sweating. You wrapped some sandpaper around your finger and sanded the cut ends, both inside and out, took about ten seconds. Some time in the 60's-70's it was decided that this step was not needed. Surprise! It was needed. Those itsy-bitsy burrs caused the water flow to cavitate (produce bubbles and swirling), which, over time, "drill" pinholes in copper pipe. In the late 90's many apartment complexes and hotels had to be completely re-piped. Sometimes "old school" is better.

It depends, on you, totally. how creative are you? what do you expect from the home? how good are you at repairs? all these things make a difference. how healthy and strong are you? We did one, luckily i watched a lot of this old house so knew how to save on electric, etc. we expected to be comfortable, but were not glamorous or stylish. we bought it, did the important things for about $10000, sold it for a 30,000 profit, 5 years later and it was 100 years old. now we are too decrepit and could not repeat the action.

We purchased a home with "potential" - in time we were able to remodel the home to our taste - it was a great investment and we enjoyed spending time together creating something that was our own. .... BUT - we can no longer use the word "potential".... now it's "opportunity" keep smiling - that's what is important