I'd want someone easy to work with, who pays on time, and who has a track record demonstrating ability, along with a few references.For that last point- I had a 10 unit deal that practically hit me in the face about 5 years ago.

The real world answer is, there is practically a 0% likelihood of you actually getting a deal done.

Your best bet is to find a multi-family property that is mis-managed, has below-market rents, or needs to be renovated; then you can take the steps necessary to improve its performance.

But the master bedroom is probably the best option if I do decide to improve this home before I flip it.Damp control??

But the best school anyone can go to is the school of hard knocks.3) This comes from my education at HKU (hard knocks university) It is better to practice on rental property than your own property...

Applicants having a real estate broker license in another jurisdiction may be allowed two education credits for each full year of active practice during the preceding ten year period.

Keep your repair receipts to justify mark up on home.read this...Seller Seasoning:Seasoning <90> 90 days but < 12 months, a second appraisal may be required if the re-sale price is 5% or greater than the lowest sales price of the property within the past 12 months.Property flipping is a practice where recently acquired property is re-sold for a considerable profit with an artificially inflated value, and is ineligible for FHAAlso attatched is guidelines for FHA loans Hope this helps

My dept. is currently battling with an FHA rep. who will not approve an FHA loan on an REO we have for sale because he is classifying our practice of liquidating REOs as "Flipping".We recently aquired a portfolio of NPAs from Lehman Bros to service.

You could make as much money managing property for others without investing the money to buy your property.Costs like turnover costs and reserves for capital improvements may not happen this year or even next but if you are not planning for them they can sink you.

An attorney is exempt as long as the attorney is not affiliated with the company doing the work (i.e. an attorney in the practice of law would be exempt, not an attorney hired by the company to skirt this exemption).