Creative Finance Idea

[George Love]

I am a newbie and would like some professional opinions on this idea: -Get a home ( w/little rehab needed ) under contract for 50% of ARV (from distressed homeowner) -Get a loan for 60% of ARV -Buy Home and use the 10% to rehab -Sell Home for ARV, making pretty good profit!! Please give me some feedback, point out the flaws, or let me know if this is a common strategy. Like I said, I am new to this and trying to get creative with little access to money. Thank you!