Here's how they break down:Fannie Mae HomestyleMinimum Down Payment: 3%-5% (Primary Residence) & 20% Down (Investment/Second Home)Credit Score: 620Minimum Loan Amount: $50,000Maximum Loan Amount: Per County Loan LimitsOccupancy Types: Primary Residence, Second Homes, and Investment PropertiesUnit Maximum: 4 UnitsAcceptable Renovations:-Structural Improvements (e.g., new roofing, foundation repairs)-Cosmetic Enhancements (e.g., new flooring, updated bathroom/kitchen fixtures)-Energy Efficiency Upgrades (e.g., solar panels)-Accessibility Modifications (e.g., ramps, widened doorways)-Luxury Items (e.g., pool)-LandscapingNot Acceptable Renovations:-Commercial Use (e.g., turning a residential property into a commercial property)-Temporary Structures-Non-Residential Buildings (e.g., barns, stables)FHA 203(k)Minimum Down Payment: 3.5%Minimum Credit Score: 620Minimum Loan Amount: $50,000Maximum Loan Amount: $524,225Occupancy Types: Primary Residence ONLYUnit Maximum: 4 UnitsAcceptable Renovations:-Structural Improvements/Reconstruction (e.g., adding rooms, bathrooms)-Cosmetic Enhancements-Eliminate Health and Safety Hazards-Energy Efficiency Improvements-Major Landscaping (e.g., grading, tree removal, adding walkways)Non-Acceptable Renovations:-Luxury Items-Commercial Use-Temporary Structures-Non-Residential BuildingsBoth of these renovation loans are similar in many ways, but the key differences are:1.

Searching property records for o deeds doesn’t tell us if the underlying transaction was profitable, or what the ROI is.3.

I position my inspections as 'planning for future repairs/improvements' which mitigates that whole 'he's here to get my security deposit' mindset.And, I would rather have the tenant with me than to have him later claim that something was broken during the inspection.  

For existing properties, you must make substantial improvements (equal to the property’s value, excluding land) within 30 months.Ensure the duplex qualifies as an OZ investment and complies with QOF rules.

I agree that the market is very competitive in California - especially if you are searching via the MLS or making offers to distressed or vacant property homeowners. 

The tax benefits refer to the tax deductions from mortgage interest and property tax.The returns mainly rely on appreciation, and the cash flow only improves in the last few years, also depending on securing the 5% refinance rate.I've learned a lot from this forum, but as I start to operate on my own, I'm still not completely confident.

 I am in search of a spreadsheet to determine the profitability of flipping a house before making an offer to an HML I am new to this process and would appreciate any advice.

@David MartinezA quick search on furnishedfinder.com shows a bunch of available midterm rentals in that area so you can use those to help guide your price and strategy.

On paper, that's a 88% return before depreciation (can't depreciate land, but you can do a cost seg on the septic and other improvements), appreciation, etc. 

Prepare financially by saving for down payments, improving your credit score, and setting aside emergency reserves.