Looking for any input or advice on how this strategy actually works.

There is almost no scenario where a condo would ever positive cash flow while servicing debt, and very little positive cash flow with no debt.If your budget only allows for a condo, find a better place to put your money to work.   

That property looks fantastic actually, I think sorting out the budget would be our biggest challenge.

Nate I would use a low money down owner occ 2-4 unit loan which allows the highest DTI possible.

Did you use a hard money loan for this? 

You’d be shocked by how little actual screening many PMC’s do!

My current situation is that I always flip with other people’s money.

.🔹 Insurance Challenges – Even when insurance pays, it rarely covers the actual cost to completely rebuild.

Suggest you pester them with questions to learn the eviction process, so you can save money in the future.

., I left Anderson for a small firm that will do the actual taxes and then another company that specializes in tax strategy.