If the property cannot be occupied and the local inspector has noted then remind the seller.

It is all about doing RE deals part time on the weekend as your JOB keeps you from looking much during the week.An alternative is to focus on new construction where you find a project or to focus on deals with a local partner.

After talking with him during the bus ride, I learn he works construction 8 months out of the year and travels for the other 4 months.

If I decide to start flipping homes I will have to keep my day job, but I'll have to find a construction guy I can trust to follow my orders between 9-5.

i can appreciate both of your comments..i have about 20yrs experience.i have been doing construction in one form or another since i was 15 yrs old.i have worked in custom cabinet shops,for remoldelers ect.i have been in business for myslef for the last 6yrs.i do almost everyhing.i have always wanted to get into realestate but never had the cash.i always had to support someone along the line.i figure this would be a good way to get into it.i understand your concerns.if there is anything else anyone would like to know just ask.mike

A master lease with an option could be one legal construct to fit what you need yet not be too involved in the property directly.I think the biggest issue will be for you to clarify in your mind the sorts of deals that would make sense.

I am searching for investors wanting new construction homes in the GO Zone near Biloxi, Mississippi.

If you do not need a loan that will be insured by FHA or sold into a FHA mortgage pool its compliance is much less of an issue.If you own a home and have a local banking relationship a local bank might be able to fund a construction loan for the purchase and repairs.

The key is to have the proper team in place such as a title/escrow company familiar and capable of back to back closings, an attorney, to properly advise you and construct your documents for full legal disclosures and verbiage in your documents, and a quality transactional funder.With all of that, you can successfully complete short sale transactions.

I don't doubt your experience in construction/rehabbing because you may be seasoned, but I think this might be a potential flip nightmare.That is a great price for a house that has had so much work already, but it doesn't make sense to me.