I want to find something local (Los Angeles area), move in, do small renovations to possibly build up more equity, do a 1031 exchange, and find something better. 

I’d rather not give up my current first mortgage rate to get cash out to renovate. 

Investment Info:

Single-family residence buy & hold investment in Seminole.

Purchase price: $465,000

Cash invested: $80,000

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Salt Water Poo...

Determine market rent upon renovation. 

It’s a great way to network with experienced fix and flip investors, as well as find contractors and subcontractors who specialize in renovations.

They allow you to include up to 6 months of rent payments in the loan if you are unable to occupy the premises during the renovation.Just to be complete, it's also worth mentioning that both the VA and USDA have renovation loans.

Since you estimate a resale value of $200-215K and renovation costs of $60-70K (although you said that's on the higher end), your margin is tight, especially considering closing costs, realtor fees, and unexpected expenses.

With no renovations required, we leveraged market demand to quickly resell the property the same day for $85,000.

The mold house would only be a good investment if you can buy it at a low enough price to cover the necessary renovations.

If part of the property is rentable while renovations are happening, that could help offset carrying costs.Given your construction background, you’ve got a huge advantage in managing the project efficiently—it’s just about getting through the red tape and de-risking the unknowns before pulling the trigger.Have you talked to any local investors or contractors who’ve tackled similar projects in Wicker Park?