[David70]

Just things I think worth considering -

$63k every year or two is far from guaranteed and are you planning on doing the work yourself (or even part of it) or is this completely with paid work? How expensive of a house do you have to buy to get this $63k? Can you afford to buy the house? The requirements for buying house you don't live in are stricter and come with a higher interest rate. Is the $63k actual profit (buying, selling, carrying costs)?

My first house was an old house with three apartments, I lived in one and rented out the other two, they covered the mortgage and I fixed it up. Bought it for $106k, put $55k into it and sold it for $250k. Lived there 7 years and a lot of work but it was worth it. Now in process of complete reno on house next door and will rent it out. Worked on it for a year but most work was paid for. I doubt this one will be a great investment but a big part of why I bought it was to have say in who lives next door and I plan on putting a 2 car garage in the back of their house and using it for myself.