What I want to know is what can go wrong legally where you can get screwed over by acquiring a home, fixing it up a bit and reselling it.

Flipping means you turn around and resell the property.

:cry: Third, I wouldn't want half the houses I buy if I didn't resell them to someone else.

I also took several other real estate classes, but I didn't get near the practical information as I did from the law of contracts class.I have no recommendations on rehab (fix up and resell) strategies for books/courses/websites except to look through the forum for ideas and insights.

My husband and I are going to purchase our first property to renovate and re-sell.

If you were looking to rehab and resell, then after factoring in closing costs to buy and sell, financing costs, holding costs, and realtor/advertizings costs, you would already be sitting at 12-18% of ARV.

The risk for the lender is that they may have to foreclose on the property and then take over management, rehab, and/or resell it themselves.

I am looking to buy homes in the North Harris County - Montgomery County area, rehab them and then resell them.

Are you looking to hold it as a rental or to resell it?

Remember to factor in some unforseen issues with repairs (maybe 10% over)When you have determined the ARV and the estimated repairs, I would recommend that a "good deal" for a rehab project (fix up and resell) in an average market is 70% of ARV minus repairs.