Should I Flip or BRRR This SFH?

[Micheal Plummer]

Would appreciate some feedback on my thought process.

Some background:

- 1172 Sqft, 3 Bed, 1 Bath

- $52,000 Purchase Price, $20, 000 Repair, $105,000 ARV

- Estimated Rent: $850/ month

- 50/50 partnership with my Father (Both put up $36,000 each - both doing the work ourselves).

Currently in the process of rehabbing my first deal and could use some insight on my potential paths for exiting. My dad is looking to cashout once we are done, and I would like to hold the property long term if at all possible. The original plan was to sell once it was complete; however, all research I’ve done indicates we will owe roughly 37% on our profit if we sell before a year.

My Fiancé and I live in a home currently that she owns that would cash flow $150-200/month after maintenance, PM fees, etc. We could also sell this property  and profit $25,000- $30,000.

My question is: Would it be a wise idea to sell/rent our current residence, while refinancing my current rehab home with the intentions of making it my primary residence?

In doing so, I would pay back my father his 50%, as well as a $6,000-$8,000 buyout, while also minimizing my tax bill. Is there a more efficient way to approach this deal.