Selling expenses can eat up 10% of your selling price, so it's always good to target creating 15-20% of equity in the property upon purchase and rehab.

I would just caution those considering it to expect it to eat up a great deal of time, require a great deal of space, and may not look as sassy as the pics on the box and website.

I'm generally frugal, don't go out to eat much, and have never owned a new car.

Now you have egg on your face and dragged your name through the mud.

In the same breath, I wouldn't delay marketing the property waiting for this specific buyer ala putting all of your eggs in one basket.

meanwhile, you can be a private lender to other co's that are already successfully flipping and just collect your 12% while building up your nest egg for a bigger entry after the market pops?

Wanting to work on a few deals here in the Cheese state and hopefully have a big enough nest egg to move back and continue the business.

I'm getting the idea that your plan is to run this as a resort, if so, the additional adminisration, cleaning, marketing and issues will eat into that cash flow and this could end up as more of a job than an investment consideration.

I have little doubt that they are totally on the money about their state's rules, however each state will be a little different, sometimes with differences in regions within the state and every broker will handle things a little different.So eat up all this great info and use it help guide you, but don't assume it is absolute fact since your situation might be different.

I am feeling like I am trying to solve the old chicken or the egg first question.