Investment property is any property that is bought for the purpose of investment, I know that sounds obvious but much is written that leads to confusion. It is often said that investment property is in fact property you buy to let or that it is property you buy to sell on as a profit and of course both of those examples are correct.
If you are tempted to get into investing in property then you have to be prepared to learn a number of skills and most importantly how to detach your personal taste and ego from actual value, as they are not always the same thing. A good place to start is a property that requires a bit of light renovation, be careful not to take on to much your first few times it is easy to do. You can for example buy a house you think is right, you say to yourself its time to rip out all the bad stuff knock down a couple of walls to open it up and suddenly you are in a building site, with some very expensive construction in the offing and your profits are in the pocket of some builder you are about to meet.
Often you will find good value in a property that only requires redecorating, most people can decorate with a how to book and a bit of practise, but if not doing the preparation and then get the professionals will save you a packet of money and you dont need a lot of specialist equipment. If you require professional help then cheapest is not automatically best in fact it rarely is you should look for a contractor who is fully qualified and has the papers to prove that.
The most important thing to remember is to take things slowly, don't rush there is a very good saying that has kept me in good stead for a number of years, "there is never time to do it right but there is always time to do it again", if you make a couple of good choices in the beginning and make some good money, don't get carried away stay in your comfort zone the bigger the project the greater the opportunity to make a howler.
It is a great way of making a living there is lots of fun especially in the creative side of things as long as you keep your head investment property can be a fulfilling career.