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Thank you for your response.

Yes, I definitely appreciate that this is an aggressive, risky proposition. That is why the purpose of my post is to concentrate on the problems, not the virtues.

Anticipated profits would come from the renovation itself, not any increase in market prices. The renovation would be largely cosmetic in nature -- paint, flooring, perhaps new cabinets and plumbing fixtures. Certainly nothing along the lines of new windows, skylights, or upgrading the wiring.

I appreciate that renovation costs can balloon (the best insurance against which being a very thorough inspection). Again, the reno costs would be limited to materials only.

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