WOW! All great advice. I have a couple of things to add, though:
Minimize conflicts of interest: research and hire your own inspector- don't let your realtor do it. Whether they are honest or not their motivation is the same- to make commision on your purchase. Therefore, it is important that people giving you advice on the health of the home be totally independent.
If you hear yourself (or worse, your realtor) saying "...it's a little small, but we could just push out that wall or convert the garage..." then look for something else. Remodeling is hard, and it is expensive. I bought a fixer upper four years ago and all I've done since then is work on the frickin' house!
Good luck!
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