A lot of people will do that flip for a 30-40K profit with the market weakening.In theory I might do a low risk cosmetic million dollar flip for the same profit as a full gut on a 100 year old 200K house.

We spent $80,000 on a full gut rehab to make it into a high end rental marketed to grade A tenants.

We spent $80,000 on a full gut rehab to make it into a high end rental marketed to grade A tenants.

Purchase price: $307,000 Cash invested: $165,000 Sale price: $660,000 Completely gutted to the studs rehab.

This is a tough one, because your instincts will tell you that the cheapest property is the lowest risk.

It's great method to identifying which loans to pay off first to maximize cashflow (my gut tells me to pay off your income-producing property and then snowball that additional income to your primary residence) Also look into the Velocity Banking method that uses a HELOC to pay off large debt faster.There is a lot of skepticism out there about the Velocity Banking method, but I'd run your own numbers.

Full gut or just cosmetics or? 

I am not asking for a security deposit since the place needs to be gutted anyway.

HVAC, roof, kitchen gut, bath, etc or mainly cosmetic stuff?

The other suggestion would be find a conservative flip for your first project--light cosmetic vs a full on gut job.