While very lucrative - if you don't have enough reserves, it can really break the bank. 

The idea is spreading, and could spread to some other spots here that have traditionally been STR friendly. 

But ultimately the responsibility lies in my hands.I jumped on a seesaw of risk hoping that the momentum would catapult my bank account into six figures only to find out the hard way that flipping houses isn’t as easy as I had predicted.This house was purchased for $64,000 with an expected rehab of $100k to $120k depending on how much work the dilapidated and neglected house needed.The midwest is lovely but the houses carry the weight of weather storms nearly a century old leading to more damage than a beginning investor could expect.The appraisal came in at $225k for my lender meaning our all-in cost would be around 85% of the sales price worst case.

@Mike Terry Yes, it is conservative, but that's because it's the operating expense margin that most of the banks I work with for my clients use in their underwriting.

I wouldn't bank on selling within 2 years.

There would have been a "run on the bank" a long time ago if they did.

Does she or I call the bank to see if it's possible to transfer?

Bank Financing How did you add value to the deal?

City National Bank is offering up to a $50,000 grant to buy properties in certain neighborhoods. 

I’d love to take advantage of a “traditional” mortgage (or even FHA?)