I'm just not seeing any strategy that can offset to any significant degree, the depreciating nature of either asset.  

The process can vary greatly so it's important to understand it and ensure it works for you.

So it varies. 

Originally posted by @Travis Lemley:They will most likely vary significantly with flips being more expensive. 

Of course it isn't going to work for everyone...then again, I also have many friends with degree's that cost them 6 digits that cannot get a job in their field!

While the cost can vary depending on the scope, zoning, and materials, I’ve seen similar projects run anywhere from $50,000 to $150,000, depending on factors like plumbing, electrical upgrades, and structural work.If you’d like, I can connect you with a few contractors or architects in Chicago who specialize in basement conversions.

My humble advice to anyone attempting to do creative finance is:Creative finance is for experienced investors who have access to capital if anything goes wrong.Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal levelLearn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are neededKnow everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

Events like this give the opportunity to meet and talk to investors from all over the country, doing different kind of investing, and with a varied amount of experience.

So your results will be a degree lower than local investors. 

A law degree does not mean you know anything re wraps.If worse comes to worse, you can stop the foreclosure with legal action - it costs some but you will not lose your equity.I would not throw the baby out with the bath water re doing wraps and I do hope all works out for you.Reach out if you need a referral to a good AZ attorney to helpBe careful out there guysAlan Not to be too blunt, but you are handing bullets to a six year old with a gun.