I would also point out that it's unlikely the rates will come down close to 2.99% within the next year, so sitting on the sideline for years is a risk in of itself.Alternatively, you could get a 2nd mortgage that would allow you to keep the first mortgage at 2.99%.

I read some where that I could sell the house to a 3rd party if I do a double closing and pay the owner what is owed to him and take my profit at the same time.

If I were you I would be looking at this as an opportunity to really negotiate price and other items that you want to make happen (credit back at closing, fully furnished and more). 

It is mostly 2 loan closings as well have to keep in mind the loan costs. 

And even better you can stay so close to home for your first investments. 1.5 hours isn't bad, and if you need to make that drive for a day or even grab a cheap hotel for a night or two that's pretty nice.Best of luck.

If you were to buy a $100,000 home you would need $10,000 + closing costs to close.

As we approach 2024, which markets are you all looking more closely at for fix and flip projects?  

As the title says, I'm interested in acquiring a STVR property in an area that has both summer demand for lake recreation, as well as close proximity to ski resorts. 

So they'd loan about 450k if your ARV is 1M (assuming this ARV is accurate), and then you can get a gap lender for the difference (180k plus closing costs/points/etc, holding costs).  

And then today, when I called into tech support, I got lectured on my frustration and choice of words (note that I did not cuss nor was I rude to the rep on the phone and even explicitly stated that I understood it was not this particular phone rep's fault).