Lease Option to Flip

[Paul Bermingham]

Hey, Paul here in SC.

Property price: $210,000.00

ARV: $290,000.00

Rehab: $40,000.00

Found a property that is held up by the FHA recording timeline. Recently purchased and the owners didn't understand how recording the mortgage affected resale. Here's what I'm thinking:

$10,000 down payment which is credited towards a $210,000 18 month lease option. Do the $40,000 renovation during the lease period and then sell the house and do a double closing.

I would love to hear your feedback and if anyone has done anything similar and what your experience was like.

Thanks everyone!