The truth is, fix-and-flip investing is an incredibly rewarding endeavor, but fully lined up with pitfalls that can easily turn your dream deal into a financial disaster.So, let's break it down:The Good: Why Fix and Flip Can be a GoldmineHigh Profit Potential: If done correctly, flipping can yield 20-50% returns-or more-in a few months.

And exciting and for the very few that can pull it off can be quite financially rewarding.. you don't need architect type skills that's not needed until your actually going to build in most cases.. what you need is land planning Zoning city politics and it helps to understand basic underground construction .. but you don't need to be an engineer or especially an Architect to pull these deals off..

Hi, I am in negotiations to purchase a property in Sacramento, CA which has an existing lease with a Residential Care Facility.

Add small bedroom to main house in existing space so I now have a 3bed/2bath SFH2.

Interest/mortgage rates are at historical highs, crashing new home construction and existing home sales to the lowest level in 30 years.

The type of information needed depends on if the building is being constructed in the future or if the building already exists.

Quote from @Jay Hinrichs: Quote from @Brie Schmidt: @Jay Hinrichs - agree but the problems still exist for us:We can't do 1031 exchanges anymore because the process will now take 4-6 monthsWe can't do owner occupied loans because we have to keep tenants for 6 months after the sale even if their lease expiresA distressed seller now needs to pay $60,000 or more if they sell to a developerThe Dept of Housing has to review and approve all the proof of compliance before we can closeBuyers wont spend thousands of dollars on DD till they know the deal is going forward which can be 30-90 days WOW is all I can say.. 

There has to be an existing reason. 

They will allow you to tap into the equity without having to refinance the existing low-rate first lien.

Cost will likely be around $120 - $160 / sqft depending on finish out and how much one the existing house needs to change.