Looking to FLIP with my exit strategy of living in the house myself

[Scott Gray]

I found what might be my first "deal".  My wife and I both like the location and the style of the house.

It needs a lot of cosmetic work but has good bones.  It does not meet any fundamental rule I have read on BP or elsewhere (70%, etc)  It is nothing more than a guess at this point.

I have not completed a thorough analysis yet but am thinking I might be able to get the property for $170K-$180k, put $50k-$60k in rehab (3,500+ sq ft) and ARV would be around $280K. Again, nothing scientific in my #s. A SWAG if you will.

If I could not sell it, I would convert to conventional and live in the essentially new house ourselves.

Okay fellow BP guys and gals.  What are my constraints to a deal like this, assuming I can get close to the numbers I am estimating?  What am I missing?  If anyone has done this, what did you learn?

Many, many thanks.

Scott