Usually costs me $5k to fix, not a big deal.

San Antonio offers numerous opportunities, particularly for fix-and-flip projects and rentals.

I do have some cash available to fix up, rehab if possible.

At the end of the 12 months, I would refinance at 500K after fixing up the property and investing the profit from selling my current home in the new property.

@Jordan Ryan I highly suggest teaming up with a broker who you'd want to build a relationship with and truly understands the ins and outs of different underwriting guidelines for fix & flip and DSCR loans. 

Most hard money lenders require a credit score of 600+, but I’d recommend working on building your credit before taking on a fix-and-flip project.

The issues, such as they were, have been fixed.

Typically the terms will be 5/5 arm mortgages on them vs 30yr fixed on a warrantable mortgage.

Quote from @Michael Belz: Now, I have two options: I could fix and flip it with an estimated $200K rehab for an ARV (After Repair Value) of $825K, having purchased it for $465K. 

If their kid shoves a pair of leggings down the toilet and clogs it (yes, this has happened), then they are responsible for fixing it.