Strategy Needs Critique

[Kevin Craig]

I've had some experience with doing lease options in teh past. I put 5 properties under contract but could not collect an option fee. That proved difficult so I have another idea.

I want to get a 100,000 line of credit. Find a property valued at 200,000, selling at 150-170. Put 20k down, finance the rest hard money or with a mortgage broker.

Put a renter in it. Put back on the market immediatley and sell for 190. make 20-40 k profit. What do you guys think.. Will work, any unforseen problems.

Seriously thinking of looking for a line of credit. Thinking this is best when the market is in an upswing but what if I could get shortsales or foreclosures right now priced steeply below??

Thanks for all responses