Another house in our town has been for sale by owner for $40,000. It's a huge older house. It looks rough on the outside but isn't bad on the inside. It is 5 bedrooms 2 baths. It need painted and new carpeting. Probably gut the kitchen and bathrooms. The windows would need replaced right away. My husband has 20 years of experience as a contractor and my stepson is a plumber so all of these repairs would be done at cost.
We can get out of our contact with this house no problem, and the owners would come out on top with the money we put down, payments made, and repairs done already.
Should we stay where we are, buy both houses and rent this out (which scares me) or let this one go back to the owners and buy the bigger prettier one.