You can also loose your butt in any market.

@Don Wilson i haven't heard anyone talk about strategies in investing in tax lien sales, here is what i do Don, wait for the sale to happen most states have a redemption period find out your state redemption period contact the owner of that property directly and deal with them within that redemption period to see if they will sell to you, most will because they haven't paid there taxes in years so another 6 to 12 months more than likely they want be paying there taxes throughout that redemption period so they would rather take an offer rather than to loose the house all together, so you will have to pay the back taxes plus whatever state percentage back to the investor who bought the property wich no money comes out of your pocket all is handled at closing if your wholesaling.

In areas where there are run down houses, or if it is a multi family house, it is most likely a B&H house.Based on these decisions we will make it a flip house with a flip offer or a B&H house with a B&H offer.If you do not, you WILL loose a lot of deals because someone WILL outbid you!

There is also a large storage unit on-site and I plan to rent that out as soon as the previous owner removes their personal belongings.

There is a solid chance that the self-employment tax will be removed, of course after considering all other evidence of your intent with the property.A flipper vs. a landlord flipping a rental from their portfolio of rentalsBelow I will give a few examples to support my points from above.Let’s say Mary Jane has been flipping houses for 20 years and would consider this her full-time job/primary source of income.

The bed is a double with dated wood-paneling.We're considering removing the bed.

Usually with mold if you can find the source and either remove the building materials as much as possible and or treat it with chlorine mixed with water. 

Sure you may loose out on the premium rent, but if $100 less per month in rent saves you from a two month vacancy you will probably still come out ahead. 

The biggest pro for FHA is that it will be easier to qualify for...it is meant to help those who cannot afford 20% down and it allows for more flexibility on your credit score.In regards to PMI, you will still pay it on the 5% Conventional Loan, however it will be removed once you hit the 20% equity mark.I would go for Conventional if you have the financial health to obtain it.

So after removal & delivery getting up to a $500-$600 cost to the tenant on the fridge alone isn't uncommon.