Buying from a distressed flip

[Mark Fehlman]

I buy houses to lease for the long term. We own two SFR in San Diego (as well as 58 apartment units. One of the houses was a total renovation and the other (second) was in good shape when we bought it and just needed some freshening up. It turns out that the second one cost me in the end, less per square foot in the same neighborhood. I want to acquire more and I have been looking at Zillow. The "flips" seem to be worth it in the long term. To pay a bit more to avoid all of the effort and time might be worth it.

As you know, all flips done sell right a way and make get "distressed" creating an opportunity to buy at cost for an all cash, quick close.

Has anyone done this.