SE Michigan Live-In-Flip
So, I'm currently on track to buy a primary residence that I intend to flip in 2 years or so, pending the market. It's completely livable on the main floor- needing paint, hardware, doors, smaller cosmetic detail. It has an unfinished basement that I will finish, and an upstairs that can be finished to add another bedroom. The work will be done myself.
I've checked the areas for comps, and the price seems right to buy. I'm not banking on appreciation here, but it would be a plus, of course.
After reading books, websites, forums and watching videos on flipping- the standard ARV calculation seems to be the most crucial piece to assessing if a property will be worth the time and money. Since this will be my primary residence, time will not be a factor and the carrying costs would be my normal monthly bills. What I'm wondering is; when it comes to a long-term flip like I want to do, is there any other guidelines to follow or not follow?