Potential Deal + Creative Financing: Should I Flip or HOLD?

[Albert Velasquez]

Here’s some context, I’m a newbie btw:

A single-family home valued at 400k

Purchase price: 225k

Chicago Suburbs

4 bedroom / 3.5 bathroom

3200 square feet

LINK TO RENTAL REPORT

QUESTION 1:

I have the opportunity to buy this property valued at 400k for only 225k. I don’t need to do any renovations or anything. As soon as I buy it, it will be worth 400k. Should I hold this property long-term and rent it out? Or should I just flip it and get the profit?

QUESTION 2:

I have low income. My income alone won’t let me qualify for a traditional bank loan. None of my family can cosign for me. Any creative ideas on getting financing? I was thinking to go to a credit union, I’m not sure if they have less stringent qualifications. I thought that any bank would take me even with low income because of the property’s equity, but I don’t think that’s possible. Let me know, thanks!