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I prefer to do what you are doing. Buy the fixer-uper and fix as you go. I had about a $5k a month mortgage at one point, buying brand new and huge.
That was a commitment. And my financial planning had to be more accurate. I since sold that house and made a nice profit (In San Diego, EVERYONE made a profit).
Long story short, I just got another house in the Half Million Dollar range. The payment are only around $3k a month, and I find that I am more comfortable with dropping 3-4K a month on fixing it up. Not to mention, it all gets done the way I want it, and not how the previous owner wanted it.
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