After months and months of lurking on the site, and a few months of posting, I went and did it.  Property 1 has been closed on.

3 Bedroom 2 Bath 1600 sq feet, 4 types of flooring, a crappy kitchen, a bathroom with a hole rather than a tub, a few holes in the drywall, some crappy wallpaper, and bare slab in the middle of the living room... but I purchased it at 118, and the smaller house (2/1) across the street which was nicely reno'd sold for 175.  The comps didn't include that house, or the larger one (1800 sq ft) down the street listed for 200... but whatever.. one set of comps said 171, the other said 160, 165-170 seems right to me.

That said, it would rent for about 1150/mo, and I was fortunate enough to be in a position to pay cash, so with low property taxes (1800/yr), I have a lot of options on how to profit from it.

Obviously the first things to deal with are the fixes, the major stuff is all good, it's just cosmetic stuff for the most part.  I'm not going to go crazy on the reno, just pretty it up.

So the question is, which of the rather interesting strategies should I go for first, and which are contingencies?

Options:

A. Flip it. Sell it for about 165 (hopefully).  Figure 128k in, 500 in carrying costs, 14000 in closing costs (realtor + other), 23k profit before taxes.  Even if I can only sell it for 150k, I will still make almost 10k I figure.

B. Rent it.  Rent it for 1150, refi out 92k by the end of the month (80% of purchase price), keep 36k sunk in it.  Rent it for a year or five, then sell it assuming that stable ~165k price (not banking on appreciation)  If I did it like this I would have $400/mo (not counting capex) for that time.

C. BRRRR it, refinancing out my 128k in 6 months. That would leave me with about 250/mo before capex.

D. Sell it on contract. 10k down would mean I'd have 2k of that (with how my realtor sells contract houses), monthly payment would be about 1300, maybe a 2 year balloon.  But that would mean my money is tied up for that time. (or if the buyer bails after 6 months I could refi my money out).

E. Rent it for 6mo to a year, refi my cash out, then sell it on a contract.

So, what say you guys?  I'll get some pics this weekend, and keep everyone updated on my progress.