Hello Everyone, i've been looking at doing some flips next year and i hope i could get some tips to the strategy i want to work with.I have been searching and networking with some contractors, after some conversation and also vetting them out with projects i have trickled them down to 3 who i believe are reliable.My plan is to buy a foreclosed house, fund the purchase and materials to bring the house to a livable condition.

They are allowed in DC and Montgomery County if the property meets certain conditions.

After looking at the property the house is really in not that bad of condition. 

Most REO sellers will not turn on or allow water to be turned on, or allow repairs for appraisals or before closing, most secondary market loans require all utilities to be on at time of appraisal, minimum 5 years or more roof life left, no holes in walls or flooring larger than a quarter,  or significantly soiled flooring, walls, ect. 

I am at the point in my life now, (24 years old) where I feel as if I'm ready to start this journey.

To answer your question directly my advice is don't jump into deep water without adequate life preservers.

The listing states:Buyer will receive a Special Warranty Deed (SWD) or equivalent.All pictures, details or descriptions of any property, condition of title, value or otherwise is provided for informational purposes only and may not represent the true and current status of the property now or at the time of sale.Please contact the listing agent directly with questions or inquiries regarding this property.Xome Inc. companies are affiliates of the seller and/or servicer of this property, Nationstar Mortgage LLC d/b/a The title detail document has been prepared for informational purposes only.

Small multi-family properties in LA area are around $850k-$1.3mm in an area where I would feel safe to sleep at night and in a condition that would get FHA approved Scenario 2: we purchase a rental property in Fresno or out of state, with 25% down and aim for $100/month per unit cash flow.

One on hand you want to reach financial independence/retire and/or be able to pay for your son to go to college; on the other, you want to enjoy life and give your family what they want.

In the state of Indiana I know that you have to hold a brokers license to be a property manager under certain conditions.