So many people have the fantasy of buying a wreck and fixing and flipping it.

I enjoy spending time up at the cabin in northern wisconsin doing some kayaking, canoing and fishing.I love all sports, (fantasy football and doing well this year).

@Jeremy Baker - you're in a pretty pricey market to try and do anything with the 2% rule and you have to be careful with turn-keys to make sure they will actually deliver what they say they will....most pro-formas are fantasy work from my own experience.

It seems like the market that I am in, the 1% rule is going to be tough and the 2% rule is a fantasy.

I'd say you're anticipating possible problems and getting caught up in believing the fantasy.

One fantasy is to find an area in a warmer climate, preferably near surfing (for the husband!)

Someone recently asked me what would be my Fantasy Goal.

I have RealtyTrak and I've seen some larger commercial properties I thought might have residential conversion opportunities in that area, but that was more of a passing fantasy, something like that is too large of a project for me right now (in terms of both time and capital). 

Purchase price: 760k Selling Price: 850k Fantasy: I just made a killing, and am a real estate genius Reality: Net profit - 2k.  

That is purely fantasy land and speculative and it will go down again and those flippers could stand to lose a ton of money.