I reckon there's ALREADY a Duplex where you want to live, BUT, it's in TERRIBLE condition, so the Seller would sell it at a severe discount (say, $350k) to avoid those rehab costs, and their circumstances are such that it doesn't matter to them about the Buyer potentially being able to turn it into a $600k Duplex once rehabbed.I reckon: Look for your forever home (but one in pre-rehab condition) - NOW!

What investor wants a property that hasn't been rehabbed in 10 years?  

Despite the complexities of the IRS code, would you be able to refer me to the paragraphs that address this issue?

This allowed me to have my down payment because I represented myself as the Realtor AND closing costs paid, AND have a little bit left over for rehab (which almost all HUD homes need). 

I've not pulled the trigger as yet myself, as I have no idea if rehab project management is included.

Forgot to mention we are also looking to start out using the FHA 203k loan that provides funding to purchase and rehab the property.

https://www.zillow.com/homes/for_sale/60649029_zpid/3-_beds/2-_baths/0-130000_price/0-474_mp/36.9289,-75.980244,36.703522,-76.280994_rect/11_zm/The address is 6030 Margate Ave, and it is near Lake Edward. 

@Kay Kay Singh Nothing major, as I'm not looking to get into that type of rehab just yet.

Hi everyone,I analyzed the deal below and found out that if I had a property manager, accounted for other expenses, and put in an extra $20,000 for rehab costs, I will cashflow $270/month. 

If we are getting >10% yearly ROI passively from the rents on those deals with little to no work ( Skipping the Rehab part) , then what cream are we missing?