Welcome to BP Steven,These forums are a great place to learn and meet people, whether you're just starting out or you're a seasoned investor.

Hi Alex,Like my colleague mentioned, you could either purchase the property from your grandmother, but would need down payment / reserves to support loan requirements or have your family add you to the title of the property to meet minimal seasoning underwriting guidelines to refinance the loan in your name. 

Carlos mentions that you can also exploit seasonality to get comparable profits like this, and recommends some ranges to seek remodels in (thank you for sharing those!).

If you are buying it as an investment property, you are buying it at a much higher rate than a traditional owner-occupied loan so you must be in a primary residence now and are just planning a just-in-case scenario.At first, I thought this was a no-brainer answer as if you can do whatever you want, but those investment loans are banking on the income projected as part of the collateral for the loan so it's a good question.A seasoned lender or someone who has had to move back into one of their properties will get you the best answer.

But generally you can rent anywhere for 30+ days AKA a seasonal rental or MTR. 

I assume you have a similar seasonal cycle as we have here in Wisconsin.Ah yeah, and one more thing: never fight an appraiser..

So if you can find a parcel that doesn't seem to have multiple fatal flaws, or at least you think you can add value to fixing/figuring out their constraints, then I would do that and then just flip on the MLS, especially if you are able to let it "season" a bit, which the title companies in California require anyway...they won't insure a flip of a tax parcel until some time has passed.

Several seasoned investors i can connect you with.

If you own at Shores of Panama in Panama City Beach, I'd like to ask a few questions about HOA management and revenue in a typical season. 

Yes, the SW is dry and we will see who hurricane season brings for the SE.