On a $650K ARV, that's not much wiggle room, and you could easily find yourself at break even or underwater.

I have very good credit and I easily make the income to support that.

depends it could cost you easily 50k to rehab a fire gutted house. this house probably has Zero value and will go for tax's

The reason I say honest is because you could have easily just have made something up but an honest person doesn't do that.

Mistakes in landlording usually are fairly small and recoverable from but mistakes in flipping can easily bury you.

I can easily see a judge ruling they are providing brokerage services without a license.

For investors who are employed full time in addition to investing: When New Yorkers, Californians, Bostonians, (insert other expensive metros here) do deals in low cost markets, we get a tremendous feedback effect from high dollar amount we are easily able to put into the low cost market.

Some sprucing up with some paint, along with a very thorough dejunking and cleaning might be all that's needed to get a sale.Even if some major improvments would draw a higher sales price the cost of those improvements can easily exceed the added value. 

.- Title companies are vary familiar with FSBO transactions and typically will take over the transaction and walk both of you through very easily and painlessly. - they will give you both a contract to officiate the sale between the buyer and seller (no need to make one up yourself although i have done so, many free ones available online and if your half decent at contact law it is not that complicated to make it legally binding, your title company would review it  anyway to ensure accuracy.) - they will coordinate with the buyer for appraisals, termite inspections, coordinate with their mortgage lender, earnest deposits, etc. - they will be the primary contact, so after you and the buyer have settled on the price and contact a title company, they do all the rest of the work!

It is an old building, so sound between floors carries easily.