It depends on the intention and actual facts, in other words it's case-by-case. 

The biggest missing piece here is your budget? 

But when yo start to actuall ythink about it you will start to realize that looking for distressed properties doesn't mean much.You are not looking for a distressed property.

How do you actually do that?

actually flipping only makes sense in higher priced home if you consider your time and effort, why only making $10k in 6 months if one can make $300K.

I actually have a store right now and expected to ROI in about a year or so.

We once had a client who assumed that their replacement property had to cost $300,000 or more, only to discover through the exchange agent that they actually had to spend over $500,000.

You would realsitically to do that need to become a solo broker to do so....however, then you need to sign up for your own e&o insurance policy and your Bright MLS dues would rise (you get a discount for being a Realtor), so in reality you would not actually save any money.

@Tom Gimer , actually, even property taxes are only collectible for 7 years here. 

I’ve actually been looking into reporting to credit agencies just because it seems like a win win for me and the tenants, it encourages them to pay so they don’t hurt their credit and helps their credit when they do pay.