The mortgage will also stay on the seller's credit which might create an issue when/if they try to purchase another property.

My client recently purchased a home with a hard money loan and have successfully rehabbed it for use as an Airbnb rental.

I will be purchasing it with 11% of equity already in the home. 

How many weekends do you want to drive up north to find, purchase, setup and maintain an STR?

Purchase price: $275,000 Cash invested: $45,000 Sale price: $400,000 Contributors: Adam Schooley This townhouse, which had gone through probate, suffered from significant water damage to the drywall and required updates throughout.

Purchase price: $275,000 Cash invested: $45,000 Sale price: $410,000 Contributors: Adam Schooley This townhouse, which had gone through probate, suffered from significant water damage to the drywall and required updates throughout.

Purchase price: $190,000 Cash invested: $68,829 Sale price: $299,633This was my husbands and my first ever flip.

Good luck on the trip!

But again, dedicated crews drive reno costs down.If you can connect with a flipper in your area (quick out your local REIG) and ask to come along when they scope out a job, you will get more from one or two trips than from a dozen books. 

I'm also a licensed mortgage broker with a lot of fix-and-flip programs, including some that require as little as 10% down on the purchase price, and provide 100% of the rehab funding.