Buying for Equity

[David MacClintock]

I recently came across a smoking deal offered by a City government. It is a move in ready fixer upper for sale for $17k in a neighborhood with comps selling for 90-110k. Single family holds are not really my interest and the conditions of sale mandate a 1 year holding period. I would cash buy this property and do the fix, so be about 30k deep total. I could then cashout refi for say 60k, essentially doubling my money and appreciating the property. Would you break strategy and hold this property to generate the extra cash as I am thinking? I don't see any long term cons but I am new and they surely exist. Further, I could transfer my address to the property to avoid needing a PM in the county for my multifamily BRRRR.