Purchase price: $275,000 Cash invested: $45,000 Sale price: $400,000 Contributors: Adam Schooley This townhouse, which had gone through probate, suffered from significant water damage to the drywall and required updates throughout.

3️⃣ Local Regulations: Before you invest in a short-term rental, it's essential to understand the local rules and licensing requirements.

The issue I had was that most lenders required a certain number of completed flips done under a LLC.

Our laws require us to offer a rental first come first served (first completed application that qualifies must be offered the unit).

So, we require a nonrefundable Retainer Fee for 90 days of our time to find a rental property.

Now more than ever, I am seeing offers required to be submitted through a portal where the listing agents want no business being involved with up front negotiations.

- You or the PMC can get 3 bids, but who is going to know how to accurately compare them and understand if something is missing - that will require more work+charges once the project has started (a standard tactic by many contractors!)?

I have a few lenders who do but they still require some money from the borrower so they have skin in the game.  

Purchase price: $275,000 Cash invested: $45,000 Sale price: $410,000 Contributors: Adam Schooley This townhouse, which had gone through probate, suffered from significant water damage to the drywall and required updates throughout.

I'm not a fan of flipping simply because I hate paying taxes when I don't have to.