Number 1: Money You have to have the money. If you are going to hire all the work done or if you plan on doing all or part of the work your self you still need the other four requirements and you must have the cash at hand. When I say having the money, that does not mean that you are going to pay for it with a credit card. If that is what you are planning, in my opinion you are headed in the wrong direction.
Number 2: Time You have to have the time. That means that you are not living in the property while you are doing the remodeling. I have seen this before and it is not pretty. The wife and three kids are standing there helplessly for a month or more while their kitchen is torn apart. Or bedroom, or any other room. Not only that but time is money and your time is worth money.
Number 3: Knowledge You must have some knowledge before starting this big project. That means you need the knowledge to know the difference in what you can do yourself, what you cannot do yourself, what you do not want to do your self. You also need the knowledge to know if your contractor, helpers etc. are doing a good fair job for you. Incompetent contractors are a dime a dozen in El Paso and will leave wondering how could they do this to you. Estimating the cost of projects is essential so you know how much profit your contractor is getting or in reality how much it is going to cost you to do it yourself, including your time.
You must also understand that getting it done right the first time will save you time, money and grief. You also need to understand housing price costs per square foot and that if you have the right real estate agent you can find a better house for almost the same price.
Number 4: Tools If you have the tools you probably have some knowledge. But take a look at your tools. If you do not have concrete tools you probably need to hire that portion out to someone who does. Same goes with electric, plumbing, HVAC, flooring, drywall, Paint (don't underestimate painting), doors, Door hardware, Microlambs, roofing, Building Codes (especially if you plan on doing all this without getting city permits, and you obviously are. You cannot pull a plumbing, hvac or electric permit without a Texas license.
Number 5: Desire You must have the desire, but do not, do not think that desire alone is going to pull you thru all this without some other resources. I have seen unbounding desire turn to panic when someone finds they are in way over their head and out of money because they did not have the knowledge to estimate properly.
Am I trying to talk you out of buying a fixer-upper? No I just want you to understand all this from someone who giving you a third party nu-biased opinion.