If you have in-depth questions, I'm happy to help more.

If you build up enough equity in the house through the improvements, you in essence could "flip" it after you live in it for the mandatory 12 months that FHA demands.It is worth taking the time to look at FHA in depth and getting a feel for how it can work for you.

Then you can take this filtered list of properties and run a more in depth calculation and figure out if anything is good.Finally, I don't think there is any harm in letting other agents in the area know that you are a buyer and that if they send you something good, you will move on it - if that is in fact true.

In a majority of cases (far from all though) from what I've read over the years on this site and another site, you will be able to charge (deduct from sec dep) the tenant for any damages and any rent not paid until the end of the lease or until you get it rented again. 

Thank you for the in-depth response!

He never had more than 2 in depth flips at one time.   

REally depends on the depth of the information and how much they charge.I like to tell folks that one of the best ways to start if its fix and flip you want to do is1. study and get a RE license  go to C 21 or many other brokers that will pay for the training if you just hang your license with them.

I tried to flub conservatively in a couple of different directions so that if I were wrong on one, it had the potential to be offset by another.Andy – The $60k rehab would likely be a private loan with terms that I could manipulate.

After being laid off  I decided to pursue Real Estate more in depth & full time. 

I posted to another person's question, going in depth about short sales.