if I buy a house, clean it out and then sell immediately for twice it's purchase price (I'm buying it at a nice discount)?

But i think the REIT would afford me the flexibility of almost no taxes and also allows me to attract more wealthy investors than a regular corporation setup.What state would you use for setting up a REIT?

For a rental, the property would need some updates, I figured no more than 5k (clean the carpet if doesn't need replacing, paint throughout the house, paint the kitchen cabinets (hideous diarrhea-green color).

The properties are rented clean and vermin free.

The downsides are that if you allow them to know it, your tenants will be banging on your door on a regular basis.

I help with demo, paint a lot, do small repairs, cleaning, etc.

The previous tenants moved out 1.5 months ago and left it very clean.

Bill too many factors would weigh into this.You are looking at hard money with very high carrying costs at 60% occupancy as a regular lender won't touch it.Too easy to go from 60% to 40% or lower and the new lender has a fresh foreclosure on their hands.Unless you pay cash you will need a HML or private money and will have to pay low to get it to cash flow until you can refi into a lower debt service once stabilized.Is this a local,regional,or national bank??

I am certainly not down on wholesaling, and it is certainly not dead in this market, in fact, if you know how to lock up great deals, it can be a great source of income for you.I work in higher price point market areas (southern CA) and as such, my standard wholesale fee on a regular deal is around $10k, and I have made as much as $40k on deals in the past, it all depends on what the market will bear and how good of a spread you locked up in the first place.

It seems that is what makes it more difficult for a wholesaler to make deals they can close regularly.