TO ADD TO THAT, SHORT SALE CONTACTS, PHONE #s, EMAIL?

We basically would need to finance $133,500 total to have enough money for repairs, we guess, but a normal mortgage won’t let us go above the sales price of $113,500, obviously.We could mortgage & put the repairs on a credit card, but short term the cash flow of the house would not let us pay the credit card off quick enough.The seller cannot finance at all since he needs to pay heirs, so he needs the $113,500 at closing.I do not yet have any private investors.Any help/guidance/suggestions we would greatly appreciate!

A few other thoughts, if you want to get down to the nitty gritty about the bottom line, though some of these stats are relevant whether you sell or keep the prop: -expected appreciation over life of investment -equity bought through mortgage payments -benefit of the interest home mortgage interest deduction in terms of saved (or shielded) current annual income -a 10% misc operating expenses bill tacked on -a 4%-12% vacancy rate average depending on local norms -25% recapture of depreciation -cost of improvements that will likely become necessary if you keep the house for 10 years+ like new roof, new water heater, new carpet/floors, etc...minus the depreciation you can claim for each over time -whether you've held the property for at least a year, which will impact the classification of short-term cap gains taxed at personal income rate, or long-term cap gains currently taxed at 15%.

Edge,In my areas rates range typically from 6-12%, with vacation and short term rentals (<6 months) around 20-25%.

Investing out of state is difficult as well unless you can get into a triple net lease or a large enough commercial residential place that can afford full time management and still cash flow (the do exist in this part of the country).Only if there was a way to sell short in real estate like you can do with stocks.

On the surface, it looks like the interest-only is a better deal (less down and less per month) accept that every interest only loan that I know of is variable and has a relatively short balloon date.

I was fortunate enough to find a REO deal after the divorce and shortly thereafter the market really took off where I live in FL so I have a fair amount of equity in the property even ater a home equity loan.

I'd like some input as to what my best strategy would be to inable me to generate short-term cashflow in order to go fulltime and also to build wealth.

Ive been a member for a short time now and I'm amazed how effect it is as a place to exchange and network.

I posted this under the rehab section - though I might get more play here...Short version of my question :After much research I believe it would be relatively easy to consistantly turn houses for a quick $10-12k net profit...on a 90 day average turn.