@Jose Quintanathe hardest part about flipping now is finding the property that you can buy for enough of a discount to make money after all the repairs, commissions and lender fees.

After repairs I am sitting on upwards of 200k for my first deal.

--Have the seller do some repairs/upgrades (new paint, counter tops, new fence, carpet, etc) and then make the purchase price $140k with seller paying closing costs - therefore the seller will recoup that money after closing and we don't have to do the upgrades and such ourselves. 

Good option if you purchased at a discount, you did not do any repairs to the house (as you can only get back as much as you paid for the house) and you purchases somewhere around 80% of appraised value; because again you can only get out up to what you paid. 2) If the house is worth significantly more than you paid or you put a lot of repair cost; look at doing a cash out refinance.

UNDER ESTIMATE THE REPAIRS AND THE TIME IN WHICH IT CAN GET DONE.

Jacob, Typically the downstairs owner would have to establish that you were negligent in order for your liability coverage to kick in for repairs to his unit. 

You don't mention if you have any experience in lending, repairs, sales or have a huge bank account so it is impossible to guess if you would be successful.

As a result, a lot of people are selling their homes because its too expensive to repair and many homeowners are elderly and retired.

I've noticed a steady increase in the frequency of unsolicited mailers I receive offering my buy my house ("why worry about repairs, we'll buy you house as is, all cash, quick close" etc., etc.).

Hi I am looking at a home in a flooded area that is selling for asking price 150k (can probably go a tad lower)  tax appraised value was around 300kish ( I know since it has been flooded the value is more like 80% of that number).I have about 50-60k and will get the rest for purchase and repairs from family.I really do not know how much repairs would cost but It can get pricey I am sure .