Live in flip with conventional ARM

[WIlliam Hernandez]

My background includes renovation, construction and apartment building property maintenance/management. I want to buy a house that needs work and do a live in flip.

This will be my first home and I pre qualified as an owner occupant with 3% down, 3% interest, conventional 7 year ARM from a local lender.

Before making offers I need to get a better idea about which properties I can get away with purchasing. Does it matter to a lender or home insurance company if the utilities are shut off, if the furnace doesn't work, if the roof is leaking, if it had a fire.

I asked my lender if they would mind if I bought a place that needs work and he told me as long as it appraised I would be fine. Do you have any insight or personal stories about having problems buying fixer uppers with your lenders.

Thanks!