Flip or rental?
I have a paid off rental house and no mortgage on my modest bungalow. I recently bought a property from the VA for 52k, intending to use it as a rental for passive income. However, my son who has flipped two houses successfully asked if I wanted to flip it instead with him for more cash flow. I used a LOC on my primary residence to buy this house and have $20k in savings. Most of the work involved in this house is strictly cosmetic to the tune of $5-$7k. He wants me to hire him out as general contractor and he will pay for all rehab costs. He can get it completed in a month. Then we would split the profit after selling it. My question? Hold it for a year and then sell or immediately rent and sell down the road or use as a rental? My experienced real estate agent/investor said we could sell for 80-85k, county website estimates value at $94k. Houses in that area quickly rent for $700-$800 month. How do I determine the best avenue to take? I want to continue down this new journey of real estate investing a little more aggressively than I have been thus far. Thanks in advance for your wisdom!