Anybody ever flip twice?

[Brian Orr]

Here's my thinking and I'll just tell you the numbers to make sense;

Purchase - 50k

ARV (total flip) - 165k in 2-3 years with 55k rehab (50k profit plus rental cashflow)

ARV (facelift) - 115k this year with 35k rehab (10k profit but much less risk)

What I'm saying is, this property is in an emerging neighborhood. I need to rent it for 1-2 years in order to see top dollar after some nearby renovations and neighborhood improvements. I'm concerned about doing the major high end rehab and having the tenants mess it up - or basically way overdoing the house when that expected 2 year resale  is delayed or never comes!

What I'm asking is - would you renovate the house to make it "rent-ready" and go back in 2 years and give it the complete finish job when you know the resale value would warrant it? 

Or any other suggestions?