Most HML lenders lend on short term transactions so you could use them to buy a home, fix it up but then you need to have the exit strategy in place to pay them off.

I do mostly fix & flips, also hold rental properties (single family and 2-units) and do a bit of wholesaling.

Your property inspection would turn up any issues relating to mold.In another words, you can factor in an extra $1000 in inspections for these areas, and include that either in your renovation or your fixed costs when analyzing the deal and coming up with your maximum purchase price. 

@Jerry Bredesen Cheapest fix would be some nice flowers and plants to liven up the lawn.If you wanted to spend a little more, paint the house to get rid of that boring old brick color and give the house some pop.If you want to get crazy, I’ve always felt houses with tiny windows have poor curb appeal.

Some also say so buy a property with a tenant, fix it it, sell it.

How do you guys figure out your fixed cost for you market?

That is why you may have to do two closings and budget for both of them in an attempt to not let the seller that you are making a profit on what you are doing.In this economy Fix and Flip may be the best way to go including the borrowers that are willing to finance your repairs or rehab or to purchase multiple unit houses with a loan that the FHA will provide you with a low down payment but it is only made to an owner-occupant for regularly 12 months and you get to keep that same loan if you even when you choose to move away.Another thing to consider is to buy apartment complexes and take the advantage of positive clash flow and using a cap rate to increase your value on add-on properties and raising the rent. 

If they see a place not fixed up, even if you tell them all the nice things you will do, they will be skeptical and just move along.

If it really is 8 units it will not be good, there will probably be a ton of deferred maintenance so the low purchase price comes with strings attached that you will have to fix a lot of things to avoid being a slumlord.

The second is that usually the ARV is higher than the purchase price if you are putting in money to fix up the property where yours is the same.