What is a burn out house
I'm new to investing and am trying to run deals through the analyzer. I came across a house (3 Bed, 2 Bath, 1800 sq ft, 2 car garage, sun room, corner lot with a median neighborhood value of $195k.) The description says that it's a burn out house and is not livable. Being sold as is for $30k. Seems like an amazing deal! BUT...I don't know what a burnout house is. I can come up with the $30k but I'm estimating about 50K in reno costs and have no idea yet how to to obtain that money. I want to take the leap and go for it but with so many unanswered questions I feel stuck!