Input on 203K Streamline Strategies for Flip
Good Afternoon BP,
I'm playing with the idea of doing a 203K Streamline Mortgage on a distressed property, inhabiting it for a little while, and then putting it on the market. I'm looking to do a majority of the work with friends who work in the trades in our spare time. For those who aren't familar a 203K Streamline tops out at $35K you can finance, ontop of the initial offer on the property, for rennovations. I live in Massachusetts where real estate is a little more pricey that a lot of the country and am curious if I can realistically expect to turn a profit with only $35K for rehab costs? What should I be looking for in a property other than structural soundness, nice neighborhood,etc. specifically what makes one distressed property more profitable than another?
Thanks for your input and have a good one.