Santa Barbara Multi Family Rehab

[Jeff Minc]

Hello,

I am looking for any thoughts or advice on an idea I've been working on. I own a couple multi-family properties outside of my home city which have been great for cash flow but I'd love to own more where I live in Santa Barbara. I'd like to buy a duplex or triplex and be able to rehab and potentially sell for a profit within a couple years assuming a decent rate of appreciation. I would also consider living in the property in order to qualify for an owner occupied loan and be able to do some of the rehab myself. My questions are:

1) Is this a good idea in Santa Barbara where it is almost impossible to find a cash flowing property?

2) Is there any real money to be made in a strategy like this or would I be better served just focusing on trying to flip single family homes within a much shorter time frame.

3) Can someone recommend a good local contractor?

4) Does anybody here have any experience with this type of deal and how did it go?