I thought I'd follow the advice from my welcome email and post an introduction here.
I've just inadvertantly become a "rehabber" when I bought a foreclosed 50's ranch. Because of the neighborhood and the location I couldn't pass it up despite it being in need of a lot of work.
The bank was nice enough to float me a construction-type loan and roll it into my mortgage to help me pay for repairs/updates. However, any costs I can avoid by doing work myself will translate into a lower mortgage payment.