It needed a full remodel, so I used a 203K loan with 3.5% down as a first time buyer.

Purchase price: $320,000 Cash invested: $380,000 Sale price: $459,000 Full gut remodel. 3/2 1700sq feet.

Also, the way it is currently written, the law would allow you to be your own GC for a remodel, live in it for a year, and then begin renting it out, correct?

I would like to trade a 2/2 fully remodeled condo with water front in cape coral fl , for a house that needs work done .

New toilets and Vanity.The kitchen was remodeled, we removed about 6ft of a wall that came out to open up the kitchen into the living room.

I added value to the deal by updating and remodeling the entire house.

I added value to the deal by updating and remodeling the entire house.

It's certainly over priced for the condition its in but it has potential it needs a new kitchen and 2 bathrooms remodeled. 

Also once they move out you are probably going to need to spend some money on remodeling.

Fix n Flips seem lucrative, and I have 7 years experience in contracting/remodeling residential homes in Colorado, I have access to specific contractors who i've seen their work and worked with, I know I could do it, but I don't think I have the bandwidth to run a flip and work the day job.