If the house has serious problems, mold, termites, etc. you won't be able to get a conventional mortgage. Owner financing, land contract and a lot of your sweat will be in the works. I did this when I was younger, and it's a great way to build smarts and assets. Buying a crappy house in a good neighborhood is key.

__________________
DS
2010 CL550 - Heaven help me but it's beautiful
87 300D a labor of love
11 GLK 350 So far, so good
08 E350 4matic, Love it.
99 E320 too rusted, sold
87 260E Donated to Newgate School
www.Newgateschool.org - check it out.
12 Ford Escape, sold, forgotten
87 300D, sold, what a mistake
06 Passat 2.0T, PITA, sold

Las Vegas NV