Flipping in this market

[Mark Yuschak]

I have located a desperate seller who is offering me a great deal on her property. The house needs some repairs, but I only plan on doing the essentials to make it sell quickly (repair a leaky basement, paint the entire interior, and new carpet and tile). It really needs new vinyl siding and windows to be up to the neighborhood par, but I don't plan on going that far with it.

She's offering it at 28K and I plan on putting 5K into it. She'll finance it on a land contract. I should have this mild rehab done in a matter of six weeks, tops. I'll then relist it. ARV is $90,000 (assuming new siding and windows). But I plan to relist it for a quick sale for $59,900.

How can I get around the seasoning issue? Since it is on a land contract, would I be doing any harm by not recording the transaction? This would be a perfect starter home for someone...but I don't want to exclude an FHA mortgage thanks to seasoning. Any ideas on how to get around it?