Hoping to get into buying cheap houses and renovating/flipping them for profit.

However, this is the smallest 3b2b on the street.Assuming I do purchase the home for $50,000, add around $25,000 in renovations and sell for $140k I'd stand to make $65,000 (best laid plans, right...)Here is my background:  I am a single mom, I have a full time job and I do not own my own home. 

Don't kid yourself - this is a cash flow play you're after.I recently purchased a 4-plex in May in the FSU area (a block north of Tenn St.) and had to completely renovate one of the units, so I figured it may be helpful if I drop some numbers on you as they should be somewhat relevant.....Purchase Price - $180k1978 build.  4 units - all 2/2sSeller paid 2% of closing costs.New roof in '13, new windows throughout building, new staircase, 3 of the 4 units had been completely renovated.  

., I've been thinking that if I can survive the renovations and get the properties rented (I'd like to hang onto the properties if I can, selling is less desirable back up option) then I would try to secure a HLOC to consolidate my debt, but I've been wondering about the debt to income being a problem.

There's a legal triplex I'm looking at that would cash flow with my financing, market rents and expenses, BUT it's priced at or above market with at least $25K in renovations conservatively.

We are doing an FHA 203k home renovation loan, and planning to do a complete rehab of it.

Part of the property description states it's been renovated and all systems work properly.

@Kevin Reid This sounds like a decent deal depending on the interior renovations, assuming the exterior and structure are in great shape.

We renovate and sell properties via seller financing to buyers that should be close to getting financing.

Being a DIYer isn't for everyone but I want to make it clear to people that 3 years ago I couldn't change a toilet let a lone renovate a whole house.