Flipping in upstate New york from out of state
Hello,
Flipping long distance----I own 5 rental properties in my home state of Florida. I've never flipped before. However, I may have an opportunity to purchase my grandmothers home in upstate New York (Niagara county). the home is in a good school district, it is 3 bed 1 bath built in the 50s. it is kind of odd in that it doesn't have a dining room and only has one bath. it sits on about 1/3 of an acre not far from lake ontario (no frontage) I think it needs about 20 k of work and could sell for between 95 and 115 after repairs which i believe (not having seen photos yet) to include new counters, maybe refinish cabinets, a new cook-top, a new exhaust hood or microwave, new flooring throughout, paint, wallpaper removal, a couple intereior doors and screen doors, lighting fixtures, bath vanity and im sure a few other things. I think i could get for about 50k
First, is there anything i should know about new york law and flipping. ( rules with septic tanks etc...)
second, does my 20 k estimate sound reasonable with mid grade flooring.
i may be able to take some time and go up there to do some of the work, like the painting and wall paper removal myself.
Thanks for the input