Need advice on house flip that I have to occupy

[Nathan Arnold]

Hi folks. I have an interesting situation that I would like some comments, advice, and input on. So I’m currently managing properties for my grandparents and am trying to get started with my own properties. I currently live in a house that is paid for. I’m looking at investing in a house that is slightly bigger than mine. It needs a lot of work but I could get it for $30,000. I could have it fixed up for less than another $10,000. It should resale for $60,000-$75,000. Sounds great right? 20-35 thousand dollar profit. Well they require you to be the primary resident for 1 year. So my thought right now is that I make that house livable and move in. The payments would be around $150-175 a month. My house would rent for around $575. Then at the end of one year I could find another house to live in that is more convenient for me and either sell or rent the house out. So here are my questions: 1- Is it worth the move? The location would be a little less convenient for me and there’s the hassle of moving. But I see potential of profit in the long run. 2- If I decide to rent the house out after a year and find another house for me to live in, would it be difficult for me to get a second loan? I would have the income of my current house, the new house, and my day job. But how hard is it to get a second loan? Thanks for your help in advance!