Renovating a fixer upper home takes specialized knowledge and committment to execute a successful outcome.  This type of venture appeals to those with a specific mindset, that of taking something which at face-value may be undesirable and then transforming it into something of value to buyers. 

This type of business may be lucrative in any market, as many buyers may not have the inclination or know-how and more importantly, the time to do it themselves.  If you are enterprising, are open to take chances and make a profit as an investor then the following tips should help you strategize better.

1.  Buy "cheap" is a good motto, but in a hot market you may encounter the multiple offer scenario.  Low supply and high demand may place you in competion with several other like-minded buyers. Prices are going up steadily and as the saying goes "The best time to buy was yesterday!"

2.  Buy in better neighbourhoods.  Quick access to desirable shopping, hospitals, LRT and other amenites makes it much easier to sell or rent. Once you have fully renovated your property, you will want to market it accordingly.  The cost of new renovations should be balanced with great tenants and potential buyers. Budgeting is an important step towards getting a great ROI. Choose your renovations wisely, specifically with respect to materials and workmanship. 

3. Get a property inspection even if the property is being sold in "as is" condition. This will give you the bottom line with respect to large items which have to be repaired or replaced. This goes beyond cosmetics.  

4.  For condos and townhouses consult with the property management prior to tackling exterior items like landscaping/grading, tree planting, fence painting etc.  as these may require condo board approval or may only be done by the property management company. 

5.  Interior renovations like adding a new shower requires a permit. Additions like a deck, or secondary suites/garage suites as well. Proper setback and height restrictions are neighbourhood specific and have to be adhered to.  For example adding a garage suite requires the appropriate permits. 

6. Choose interior finishings with care. Great deals are available with materials and labour but too many different colours and textures result in a very unappealing look. Try matching flooring type and colours throughout the home for continuity and appeal. The same applies to wall colour, cabinetry, hardware etc.  

Renovating a fixer upper property for a quick sale is definitely in high demand.  Always be prepared for unexpected delays and extra expenses.  With patience and an envsioned outcome it can be successfully done!