But I look at that and figure I can make maybe $60-$70k in profit tax free after living in it for two years and thus boost my investing power.But I like the combo idea.

You would still be on the "moral high ground" and saving your customers money at the same time.

Besides construction experience and make sure his moral and ethical standards line up with mine, what are other things I should keep in mind?

So, you have the moral dilemma of promising to buy the house with no intention or ability to close.

Hi all,I own a multi-family property in Los Angeles (Boyle Heights) and am looking for ways to boost my income.

Also, if you don't know the area decently well, you may buy in the wrong part of town and come to realize that your improvements didn't boost the value past an area ceiling of which you were unaware because your pre-purchase comps were in a more desirable neighborhood.

However, once the HELOC is paid off and if I can boost rents to 675 per unit ASAP, would be an additional $400.

Shows like HGTV’s Flip or Flop and Fixer Upper make it all look so easy, boosting this popular real estate investment trend to hotter-than-ever degrees by showing everyday couples, with little-to-no money and experience, investing and rehabbing, while still coming away with a pretty tasty profit.But for the newbie investor, getting facts from shows like these and not doing the very necessary homework beforehand, could leave you turning your big flip into the next big flop.

It really boost up my confidence.

Doesn't fannie tend to be the more aggressive (3% down payments, 10 loans, etc).btw: I had heard a rumor from a broker that fannie mae was going to be boosting that 10 number to either 15 or 20.