After the fact I tried Bell Mortgage and they looked at the appraisal and also determined that because the property was a C5 classification that conventional lending would be impossible.

But without better details, it is impossible for me to say for sure.

Figure we'll just go sweet talk the code enforcement officer and explain our plans to restore an historic home, but that with the exorbitant fees it's impossible.

Is an FHA 203k loan impossible to get?

This property is held in my trust but wonder if I incorporated - would this help me tax wise.Also, it seems it is impossible to buy a property in southern California and see it flow cash as mortgage payments are way over the monthly rent.

Its impossible to come up with accurate estimates for vacancy, repairs or capital.

Here in CA especially, it would be near impossible for most low or middle income earners to qualify for a rental on their own, they have to have two or more incomes in their household to be able to pay the bills.Now, if one applicant qualifies on their own, and they want to have a roommate, you have the option of only listing the qualifying applicant as a tenant and listing the roommate as an occupant.

Many of us that are builders, remodelers, etc. have experience and know that unless you have a massive infrastructure in your business, 150 FIX and flips in a year would be nearly impossible, especially if they are in California.

I agree that finding a solid property at $55k in CA would be a major undertaking, if not impossible.

Also should I add a second bedroom or will flipping a one bedroom be almost impossible??