Flipping and Options

[Adam Zachmy]

A little guidance please. How does flipping actually work? Is the goal simply to tie up the property by finding something below market price and entering into an "option" to by with the seller, then finding a buyer as quick as possible? What are the rules of locking in this option? I assume I need to pay some type of upfront premium to lock in the property. If this is the case is it easy to find such sellers? What benefits does a seller have for cooperating? Why would a seller waste his or her time?

Thanks for the help guys

Adam