I read an article about purchasing homes directly from the bank without using a realtor.

Suggest using a Realtor to find deals and provide access for walk-throughs on your schedule. 

Sorry I missed the mentions.....If you do not have a personal relationship with the grantor (married, family, business partner) Never buy a property using a quit claim deed except from an insured lending institution.Sub-to you use a special warranty deed or equivalent in your state, warranty is granted subject to underlying financing. 

I had insurance prior because there is a partner that was using as primary residence.

@Keith Goodwine never thought of using a conventional or FHA for this type of flip.

We absolutely love Austin and we feel like the opportunities in real estate, if done carefully and correctly, could be pretty lucrative (not to mention fun).We're contemplating downsizing our current home and using a large portion of the profits to start investing.

I have been using a Rich Dad Cash on cash return on investment excel sheet - but it doesn't allow for extended yearly projections with renovations and increases in rent. 

I've found a SFH here that I'd like to quick flip.I'd planned on using a double close to flip to a first time homeowner.I'm in a bit of a conundrum & could use your assistance.

I've found a SFH here that I'd like to quick flip.I'd planned on using a double close to flip to a first time homeowner.I'm in a bit of a conundrum & could use your assistance.

Your talking new construction in the $71.5-80/ft2 range, using a GC.