This deal highlights the power of well-executed renovations and a strong partnership in achieving impressive profits.

If done correctly it can be very profitable.

After waiting out a lengthy eviction and doing nothing more than a clean-out, we listed it with a realtor—and walked away with just shy of $200K in profits!

Is it more profitable than long term rentals?

The profit was used to buy a higher quality SFH in the same area.

The only time I'd say it's an okay idea is if either: The area you're investing in is expecting so much appreciation that you will easily profit off that (watch out for mortgage interest though...the appreciation needs to be higher than what you pay in that and expenses to make it profitable)You have some specific reason for wanting to do it- family ties, future home, major long-term hold, etc.Maybe I'm forgetting another one, but those two are all I have for now...

One, I made a profit; other one, I kinda even out. 

2 or 3 bedroom properties would be more profitable considering their cost?

If land values are increasing significantly, you can back-end load the seller financing for a percentage of the profit when you sell.To add to prior comment, how many septic tanks do you have?

BUT, it's NOT net profit.