That's a really, really good way to lose whatever cash you have into the deal and burn your bridges with your funding source.Since you're quit your job getting long term financing to hold this as a rental is going to be very difficult.

Burned so many times I just didnt want to deal with it.

OTOH, if you sell after six months, you will burn a bridge with that lender and a broker (if you used one.)If you can find someone who's doing construction loans, that will work.

I gurantee you that in this market, 98% of people that jump into the game with bad credit, essentially no money to work with, and not even enough experience to know that in order to "cash out and make money off rehabing" you have to SELL it, are going to get absolutely BURNED.

I've also read that many people burned in the housing crash are now completely done with homeownership and will be renters for the rest of their lives.

It was cheap and I think it may qualify for some federal energy saving program.

One day a lightning storm burned both buildings to the ground.

But for finding sellers is a pure waste of time and energy.

All it takes is being burned once or twice to realize that helping someone out can result in a bad business decision.

. / But yeah, you make a good point, on these "buyers" and "sellers" who totally flake and waste everybody's time and energy, they are eventually exposed and erased from any list of legitimate contacts.