@Dan Hawker, You need to hold that property long enough to demonstrate that your intent in purchasing it was to hold for productive investment use (not simply to resell). 

You can do a cost segregation to lower your tax liability, but just be aware that it will make your capital gains worse when you go to resell.

@Michael J Scanlon offer them cash at 50 percent the value..buy it yourself and then resell it.

Any guidance on what repair costs will be or what a property will resell for are subjective estimates and cannot be objectively accurate.

There are a lot of businesses that import from China, and then resell on Amazon located in So.

I don’t have a problem if you want to build a nice house; my main point is you are not getting a $400k heloc which is what your post implies.Here are my personal rules for  Building a personal residence: no more than 25% of income to payment, don’t go so custom That you can’t resell, Find out how long $500 k homes take to sell in your area; what percent of people in your area can afford it if you will sell in the future. $500 k would sit for too long in my area and I would not do more than $350k here, but that is just me.Good luck 

After 4 years of living in it, which served our family well at the time and doing a small amount of work to get it ready to resell we were able to sell it with 2 weeks of putting it on the market for a good size profit.

We use 4 strategies:1. buy and re-sell for cash offer (Virtual Wholesale)2. buy and re-sell with owner financing 3. 

Also with your numbers buying at $325K and able to resell at 500-600K I’m curious what’s the comps around the area?

The existing owner needs to put up a non-refundable deposit (of about 10%) and will move out the day you close on the resell by a definite date.