There are surely cash flow opportunities.

I would say it's never too late, but I'll be honest that it is becoming harder and harder to find LTR's around the Melbourne area that are cash flow positive after insurance, taxes, today's interest rates, and current prices. 

These reserves can typically be in liquid assets, including cash, stocks, or retirement funds.4.

Purchase price: $55,000 Cash invested: $1,500 Sale price: $69,900 First house that I bought knowing it was a good deal going into it that needed no work.

They may seem attractive on a spreadsheet if you are chasing cash flow, but the fundamentals are not as strong and these properties are  disproportionately impacted by capex and operating costs.

They did not even have records... just paid the bills and pocketed the cash.  

**Refinance with Cash-Out Options**: If your property has enough equity, you could consider refinancing with a cash-out option to fund the renovations.

Thanks for asking - it would be optimal to do in the Bay Area, but I don't think the housing prices allow for great cash flow.

How do you deal with cash flow when you are an investor/flipper in the beginning?

I’m looking at how I can do this in partnership with other investors who will use cash and/or loans.