I am a 23 year old graphic designer looking to buy a first home to live in, fix up and eventually sell for profit.

Rent it, bank a little into savings, once I get enough maybe roll the 'profit' into another one...

There are also many non-profit orginizations that offer down payment assistance for 1st time home buyers and give anywhere from 3% to 20% of purchase price.lito-

It's toooooo expensive to make a profit.

Or is that only on any profit I make from it?

That means 15-20% goes to soft costs and 10-15% is your profit.

Home building is usually a profitable business...you said the bank "bought the property back at $200 K".

But long term I would to develop warehouses, apartments, skies the limit :mrgreen: But for my first one I am mostly concerned with learning more than making a huge profit.

You would need to sell the property to your lease option buyer for more than $155K if you want to make a profit.

By playing this game, I am taking the risk while I am rehabbing the new property, that no major expenses will come up with the old property that will put me in the red for that month.If you are talking about flipping a property, then sure you will live off part of that income while using the profit for another purchase.