There are many different ways but I’m a firm believer in buying the best location or on the fringe of the best location if an upcoming area.

You will probably have to buy into a more "up and coming" neighborhood on the fringe of neighborhoods that are more established or desirable.

Find fringe neighborhoods moving from C < B class and start walking properties. 

Unless it is on the fringe of a hot up and coming neighborhood I would get it rented and sell.

On $400k net profit, shifting $250k to distributions can save you around $35k in payroll taxes alone.Reimbursing home-office, vehicle, phone and internet, per-diem travel, and health-related fringe benefits, where eligible often adds $15k in annual tax efficiency.Solo 401(k) from S-Corp wages can shelter $23k to $69k+ depending on age or profit, creating additional deferral/savings.Rule of thumb:If net flip profit greater than 150k/yr, the admin hassle may outweigh savings, you will need to optimize insurance and stay in your name or simple LLC for now.If net flip profit less than $200 to 250k/yr or you’re scaling partners/crew, an S-Corp usually pencils, savings can exceed compliance costs by 5–10x.This post does not create a CPA-client relationship.

There are modest houses especially in fringe areas that are ugly but affordable.

. • Where to look (value + path-of-progress): Albany/Irving Park, Avondale fringe, Portage/Jefferson Park, Hermosa/Belmont Cragin, Bridgeport/McKinley Park, Bronzeville/Woodlawn pockets, Rogers Park/South Shore (block-by-block). • Debt: 2–4 units = resi terms; 5+ = DSCR/bridge/local bank.

And for those left wanting, desperation of desire and lacking in how-to aquire, yup, the how-to that will come to some will be via the fringes of things, morally questionable or out right criminal. 

It's not impossible, but you need to (1) make improvements to the property & raise rents (2) take a longer time horizon (3) buy in "up & coming areas" on the fringes of more attractive neighborhoods. 

They’ll have a pulse on what buyers (and retirees) are asking for but can’t find.Compare Nearby Markets: Look at similar projects in Tulsa’s fringe areas or other rural towns.