Considering dipping our toes in house flipping

[Chris Jensen]

My wife and I already have a few SF rental properties, but our real goal is to get into MF. In the meantime, my wife and I are considering flipping a few SF homes just to get some experience (and a little profit). Target market is Eastern Iowa. Not totally closed to BRRRR if the numbers work, but we don't necessarily want to accumulate more SF right now (eye on the MF prize). We have $60k in the bank and another $100k in HELOC lined up and waiting.

What awesome advice would my fellow BP'ers have for us as we contemplate dipping our toes into house flipping?

[Anthony Dadlani]

@Chris Jensen Good lender characteristics - 1. No scam up front fees other then mandatory appraisal. 2. Ability to extend the loan term in case of delay in selling the property. 3. Willing to help investor build a long term relationship and grow amount of capital available for flips. 4. Have an auction program to assist investor in buying foreclosures. 

Best regards,