Has anyone done a live in flip?

[Andrew Rickli]

I am looking to do my first live in flip for a year. I'm a commercial banker now so usually only handle commercial transactions over $5M. I'd like to get in a house at 5% down (conventional) and flip a house in a year. If I like it and all goes well, then I can do multiple per year. My fiancé's father and stepfather are both contractors who are willing to help pro bono! Let me know, Thanks!

[JD Martin]

It is a good low-risk strategy (you have to have somewhere to live anyway) if you keep in mind that you are fixing this to sell, not to live there yourself, but it is not for the faint of heart. I have rehabbed a couple of homes while living in them and being surrounded by a constant construction zone will wear you down. But you can't beat the commute, ability to keep an eye on the project as it progresses, and really pare your living expenses down. 

One other thing: if there is any weakness in your personal relationship (marriage, union, live-in, whatever), this endeavor will expose it big-time. I personally know several couples who broke up/became divorced through the course of a rehab. Not saying the rehab made them divorce, but the constant stress of noise, dust, chaos, filth, and everything else will make everyone edgy, and the worst parts of your nature are bound to come out.