I bought a house for $11,500 in a decent middle class neighborhood of Pittsburgh. The value is listed at $50,000 and it needs a fair amount of work, including new bathrooms and kitchen. I know practically nothing about remodeling houses. Has anyone with little experience in this sort of thing done it before? What can I expect from the experience and what problems did you encounter? Any tips for a person that has no clue about what they are doing? I was hoping to put around $30k-$40k into it and sell it for at least $100k. What are some major pitfalls that can set me back?
michael, i phrased the value wrong. i apologize. the county assessed the house at $50k. i haven't had it appraised yet

you have an extrememly long haul in front of you, i know b/c we've been doing it for almost 3 years now and still we're not finished. the only advice i will give is this..Only work on one room at a time no matter how tempted you are to just do one little thing in another b/c that little thing isnt always a little thing. try your best to get from either the library or home depot for plumbing, basic wiring etc....wiring is very difficult and dangerous so its best if you get someone who knows and plumbing is also a tricky job. you can find retired tradesmen who are willing to help for little or no cost if you look. MOSTLY.... ask lots of questions its a measure twice cut once type of thing. Have fun and dont take it too seriously it can and will consume you. Blessings