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Have questions you want answers to?
Firstly, you need to make sure that you have access to funds, whether it's your own money or secured via a third-party. The best property deals are almost always better when funds are at the ready! Then, all you have to do is find the property that's suitable for you & your budget....
If you don't know this from the area that you are in, then - you will have to carry-out some research. After all - there's no point buying a doer-upper, spending time & money on the refurb - if no-one would be interested in buying it from you!
Firstly, if you don't know the property - go & have a (proper) good look around it, make sure you have notes on what's required for a refurb. Go away - do your 'property' research (sold prices etc) on the area, deduct the cost of the refurb from what you think will be the end (refurbed) value, then offer slightly (10-20%) less, or more if you think you will get away with it. There's no harm in putting a cheeky offer in, just be polite with it & the seller shouldn't (hopefully) be offended?
That's easy, have a look around the immediate area & look for a comparison. See what others have previously (recently) sold for, and if yours is better in any way - simply increase the price accordingly. Trust me, if the value is there - it'll soon be snapped up!
The honest answer (today) is: If it's your main Home - then NO! But, if it's not your main Home, I'm afraid it will come under the appropriate 'rules' that are in force at the time.
Please see the Official Gov't Rules....*
(*link opens in a new window!)