I just closed on the selling of my first house yesterday, here are the stats: Bought: March 30th, 2015Sold: November 14th, 2017Purchase Price: $57,500Selling Price: $77,119My Cut: $20,534.12I bought the house when I was 20, lived in it the entire time, and did nothing to it as far as adding value (example: remodeling).

ive never bought a house before. 

I have an opportunity with a seller who is willing to do a lease to own contract for me to purchase a home he bought and is now ready to flip.

They bought 10 acres in Umatilla for under $70k (foreclosure, no structures) and planned to build a business building as well as a custom house on the land. 

It is now a full triplex and we bought it via FHA/house hacking. 

I bought the house through a real estate auction that was held by hud.

Right now, the wife is for sure not bought into this idea of vacant land flipping.  

I just described a house I liked and via photos would have bought it based on that.

I'm glad I bought in Fishtown in 2010.I can't afford it any more.

Rehab and get the house rented.You can even start the refi a little before you finish the rehab if you want - assuming you have a renter lined up and ready to go.I once had a refi done on a house I bought within 45 days or so of the purchase.