You should never buy these properties without deep, deep pockets to back up the buy, AND the connections to get the people in to fix whatever's wrong with it that you can't fix or learn to fix yourself.The other problem is that banks won't finance a mortgage that small at their normal rates, and it's really hard to get insurance on these properties before they're fully renovated.

Collin -Go on HomeAway, VRBO and/or Airbnb and look at the calendars of comparable short term rental vacation home properties in the area of the home you are considering purchasing.Here in the Orlando area, the nightly rates and occupancy %s for homes that are new or newly renovated with fun amenities are significantly higher compared to those that need renovating and offer limited fun amenities.

Hello-It is a SFR, 3Bed/2Bath; they just had their 8 year long tenant move out so fully renovating the place, new vinyl wood floors throughout  (COREtec performance plus), new kitchen -cabinets, counter tops, flooring, new SS appliances, 2 full bath remodel (showers) new paint (getting the gray tones) as well as paint exterior. 

I would look at other parks and see of they have homes you can get and renovate before popping for new homes in a run down park. 

I’m trying to become more knowledgeable on Capitol Gains but don’t see a lot of specific detail so my question is:If we purchase a home and take out a mortgage on it (putting down the required 15% or more + using cash for renovations) then renovate and flip, are we able to pay the mortgage off and reinvest the profit without getting hit with capitol gains?

He would provide 100% of the financing (through his bank at a low interest rate) and I would provide the oversight and coordination of the purchase, renovation, and maintenance of the property. 

I know it involves significant renovations and legal help but I believe all units will sell for about 12 million and we would only be into in for 4 million or less compared to selling or doing buyouts based on the appraised value of 2.5million.

Yes, we have recently purchased in our own names with a HML, performed renovations, moved into it and then refinanced with a conventional lender.  

It was a renovated 3 bedroom one 1 bathroom with washer and dryer, driveway and garage for 2K.

The house is unique and on 2 acres, but needs serious updates and renovation.