I live in San Diego, CA and purchased 3 single family homes over the last year, 1 in TX and 2 in OH.

Purchase properties at a discount that need renovation work to then sell at a higher price profiting at least 15%+ cash on cash returns of all in costs each deal.What is the outcome?

@Mario Morales - As some others have said I think the strategy is sound, but the key would be to find a distressed property that you can drive up the value with renovations so that the new value is 25% higher than the purchase price so you pay back your HELOC.

It won't take much money to purchase something that makes sense.Use the remaining money to invest long-distance.

(Which you could also then do with your new purchase in 2 years.

Quote from @Juan Perez: Greetings,My first home was paid off over a year ago, and I am now living in my recently purchased 2nd home.

It's only dead if you are spending too much on your purchase.  

Regular home purchase or sale?

I work with out-of-state investors and would be happy to share my experience and how I can help you in your next investment purchase.

Hey @Brett Baker, generally, any place with a great water view or directly on the water will bring more revenue.Of course profitability will all be based on purchase price and prevailing nightly rates in the area.If you find a cool 2/2 or 3/2 right on the water with a great view for 1.5m or a 2/2 or 3/2 house a block away for 600k, then I would look at the house over the condo.