Another great option is the BRRRR method (Buy, Rehab, Rent, Refinance, Repeat), where you buy a fixer-upper, renovate it, rent it out, and refinance to pull your cash back for the next deal, and this is a good route because most private lenders can go higher LTV than on a rental loan! 

@Tiana Lazard check with your local municipality, but unlikely you can claim homestead unless it is still your legal address - and you want tenants getting your mail.

For first flips better to start with a  small cosmetic rehab  until you get to know the process and the team well.

C class area I wouldn't want to be all in (purchase plus rehab) for anymore than 75% of ARV since I know that's pretty doable in the Pittsburgh area.Deal #4Basically same criteria as above.

From there it is really just a matter of determining comps, cost to rehab a property, and your timeline.I have helped several investors flip their first home in Austin and learn how to do it effectively.

Just a builders risk policy if you are doing an extensive rehab on the property and then a landlord dwelling policy when the property is rented.

Most of these forms are boiler plate, just changing owners name and address, and charging you several hundred for it. 

The seller offered financing with 20% down, which I used to buy the place.After starting construction and realizing it was going to cost more than expected, I approached a small local bank that knew the property and would offer the rehab financing. 

However, This was a gut rehab on a 8k total sqft building.

What you describe sounds a little like a BRRRR (Buy Rehab Rent Refinance Repeat).