Very rare.Long story short, I lost everything.

They can ask you to serve notice so one unit (or both) are vacant at the time of possession, but if you agree to that make sure you have a large deposit and some of that is not refundable if the buyer backs out as you will need it to cover the lost rent.

That said, it can be done and done successfully if you plan in advance, build your team (contractors, subs, back ups, lenders, credit with suppliers, escrow/title, real estate attorney, mentor, etc.) get educated on finding (marketing) for deals, rehab costs, locations, market data (like crime rates, school ratings, population growth, job growth, etc), specific market insights like what is most popular and sells for the most in your area, etc

I'm new to BP and trying to build a team as I dive into more frequent and long-term profitable REI.I've been doing SFH rentals over the last 15-18 years, but it's all been very traditionally financed (ho hum, 30 yr fixed) and as such has limited my ability to invest more frequently, and grow a portfolio.I'm here to learn how to use more creative financing strategies (private money lending, Sub-to, seller financing) to acquire 2-3 units (duplexes, tri) and 5+ multifamily properties. 

Having a solid team around you agent, lender etc.

Our team negotiated a purchase price of $40,000, recognizing that even with minimal improvements, the home could yield a profitable return.

Hey Samuel, thanks for your response and that's great that you have a team to help you out.

That being said, I'm not a flipper, I don't know any of the specific info or anything about you and your team so I could be wrong.

These syndicators often tout themselves as operators because they act as Asset Management teams, setting the business plan and directing the actual PMs to implement.And then there are the "syndicators" that are just capital raisers.  

Fast forward to present time, I never got to complete the house and lost over $200K on the deal.