Hey,I am currently seeking for a trustworthy, experienced and investor-friendly general contractor in Miami, FL.

Flipping needs a good knowledge, fast & hard working ground staff & hopefully you can have an experienced  partner that can supervise on ground.

Then you could reverse engineer it from a condo to an apartment....and then figure out how to sell it to an apartment investor...or maybe tear the whole thing down and build something with higher value.

@Andrew Syrios - If you have a home that experienced a situation like that in KC, I can probably narrow down the location to a handful of Zip-Codes.

I might have them right but if I do then it isn't really a cash flowing deal so I would appreciate some more experienced eyes on this.Purchase Price $79,000Sellers is paying the first $2000 of closing costsEstimated Repairs $20,000ARV $120,000This is two separate homes on the same property both are pretty much identical.Conservatively looking at $650 a month rent for each so $1300/month incomeRDP Insurance $1668 annually for bothTaxes around $1200I am figuring 5.5% for all loan valuesUsing about $44,800 on a HELOC and $66,200 on a 25 year amortized loan.Figuring 30% for all repair, vacancy, cap ex, and property management My totals come up to like $46/month cash flow. 

I'm currently still in school at Iowa State University (studying construction engineering) but hope to be able to purchase my first property next year at this time before graduation in May.

Hire an experienced agent. 

Luckily the peeling paint issue is not a huge one up here, at least from what I've experienced.

@Natasha Attia    I am extremely experienced in the space. 

I would recomend though, and this is coming from a fellow newbie, that you find a local experienced Real Estate Investor and run the deal by him/her.