However, since we can get this property so far below market value the deal is worth it to use to buy, provide notice to the tenant, move them out, then resell at a substantial profit. 

What kind of spread do you tend to see between the list price of the asset vs what you resell it for?  

wholesale deals aren't always a bad option, it's just that some big and small wholesalers try to resell you a property they found on the mls.

The reason for a sales tax exemption is that you're reselling and your end buyer is paying the tax (that you are obligated to collect and pay to the state).  

The closing window is tight - usually 21 days.They will NOT allow you to assign the contract, and many impose deed restrictions barring you from reselling it of at least 3 months prohibiting an A to B to C close (double close).

Instead of buying and reselling, Jack suggested I get an option to purchase the property. 

I spoke with the listing agent today, who confirmed there is nothing placed on the title to prevent the buyer from re-selling the home.  

"Flipping" implies that your primary intent when purchasing the property was to resell it.  

Below are the numbers he gave me on the house.Rambler3 Bed, 1 Bath, 1069 Square Feet, roughly .25 acre lot, Occupied housePurchase Price: $141,000Renovation: $25,000Finders Fee: $0 (waived if I took it that day)Resell: $205-$215 (depending on finishes)Offered to sell it for me for freeSo here is the initial numbers I put together.Purchase Price: $141,000Renovation: $35,000 (I always add onto the number they give me, just to be safe)Closing Cost: $15,000 (7%  3% to buyers Agent, 1% to selling Agent, 3% closing cost)Holding Cost: $11,700 ($2,700 [points], $1,200 insurance, $7,800 for 6 months of Interest)Potential Profit: $12,300 (plus we finance our own renovation and pay ourselves)This is what it looked like:Next Post I will explain and show the demo/design and how we planned to add value to increase profits

:P Hubby works at UPS 15 hrs a week for incredible insurance, he owns and landscaping business, makes furniture, does odd jobs and recently buying at auctions and reselling.