Do I buy something needing light re-hab or a gut rehab?

[Eric Allan]

I think the answer is obvious, but I'd be curious to hear from first timers who have tried either approach. My anxiety about a property needing major work is that I'd get out over my skis and possibly get hung up with delays (construction, permits, etc). I just met a contractor in my area finishing a gut rehab on his own recently purchased home. I could turn to him for a big job, but I guess I'm more comfortable with the idea of Home Depot coming in and redoing kitchens and baths and redoing floors. Financial reserves are not an issue but if I make a budget I'd want to stick to it.

Thanks in advance for any thoughts and reactions.