(although I've still been able to find a few diamonds in the rough).

@Alan Diamond Welcome to BP! 

It may be more of a challenge in certain market conditions to achieve decent returns, but there are always diamonds in the rough to capitalize on! 

Well not only did he pay 80k and it was only worth maybe 70k in diamond condition, it needed 25k in work, total garbage.

If it's a property that offers something above average in terms of location and/or look/amenities and will be photogenic, it could be an AirBnB diamond.

Key aspects:I would estimate our purchase price to be around $150-170k.Heloc is not interest only, Partially amortized.I would never agree to a loan that does not get rid of PMI after 80% LTVCash-out refi is not really an option in our market unless we find a diamond in the rough because the LTV is not worth the trouble. 

Also, join the FB Group “Black Diamond REI Insiders” if you haven’t already.

Guns, Germs & Steel by Jared Diamond (not a business book but the scope of the book changed the way I looked at the world and improved by ability to process information), 3.

Significant expertise in those areas will likely be prerequisites for a deal like the one you described.Generally, it's a smart move for beginners to start with beginner strategies (like a buy and hold LTR, or house hacking a single fam or small multi fam property).For a beginner, the deal you described is sort of like trying to ski down a double black diamond the first time you ever put on skis--the chances of disaster are very high, and the chances of success are almost non-existent.Give yourself the highest chance of success, and minimize the chances of failure by finding a strategy that fits your level of experience--if you're a beginner, don't try to execute a highly advanced strategy.

Quote from @Diamond Shaw: Quote from @Eliott Elias: Happy to Connect  Thank you, I would love to connect.