@Jeff Brower  so help me out here.. why would a city be looking at a house... if your just reselling a home.. are you saying you need to have a C of O   Certificate of Occupancy like a new construction to simply transfer title ???

Reselling for a profit without making any improvements may be challenging or possibly even illegal.

For example:The whole project cost $150k all in (contruction + acquisition)If you want the whole $150k funded, then when you resell, you would likely have to split the profit 50/50 with the money investors. 

I heard of people investing in parking spaces and renting them out then resell years later when it appreciated.  

You don't deal with closing costs.If instead you prefer to do a double close, you would be going to closing and buying the property, then reselling to a buyer. 

You can't buy it for $123K and turn a quick profit by reselling as is.

Needed $55,000 in renovations (of which, $10,000+ was foundation work) and should resell between $240-260K.

The best one to start with is one where all yo need to do is Paint, carpet and then resell for a tiny profit.  

:)....... this is true for the majority of industries that buy an item, then resell, "improve" or modify it in some way to sell to the next person...... the more quality you put into the job, the more cost and the less profit you often make.

He buys properties and then resells them for a profit.