Live and Flip success stories

[Phil Bach]

I've got a bunch of wholesale deals under my belt but am still a renter paying someone else's mortgage.  While I certainly cannot complain about the price and location for my first apartment out of college, as soon as the lease is up I want to find a place where I can move into and fix up, have roommates pay my mortgage and sell a year, two years or 3 years down the road.  

Some of the hurdles I've encountered so far:

-Finding a deal that provides for a lot of initial equity, with manageable rehab that keeps me around 70% ARV (possibly a little higher since I will probably be holding for at least a year)

-Finding the above in a good location that will appeal to young professionals like myself and keep me close to the urban core of Tampa

-Rounding up the cash for a wholesale deal, taking the chance on a private money loan for a wholesale deal, or qualifying for an FHA loan for a Fannie Mae Homepath type of deal. Credit is not an issue, but cash reserves aren't significant just yet and FHA would probably like to see more stable income from a 1099 like myself (although my parents could possibly co-sign)

-Paying for rehab costs after choosing one of the above financing routes, with little background and experience with rehab work but have solid connections with GCs

For those of you who have successfully completed a live & flip I would love to hear your stories of how, where, and when you were able to do so, the biggest obstacles you overcame (or failed), and any advice you would have for me going forward.

Thanks!