I am actually going to rehab and resell.

We plan to rehab the property and resell within 4-6 months. 

ThanksHi John:  You need to profit.Free and Clear pretty house is a terms deal: Sandwich or LO AssignmentYou have a free and clear Light rehab.Joint venture with the seller: $370K - resale costs $37K - $20K rehab costs - $2K private lender costs - $10K JV fee to you.Net to seller = $301K in a single payment balloon note, no payments for 90 days (moratorium)You need to get $20K rehab in private lender money.You buy it, fix it, and resell in 90 days.Do not ever LO then rehab. 

Domenic, I'm chiming in only because I think otherwise, your post might go with no responses.From a lender's point of view, what I'd hear would be "I barely have $5000 to do the rehab, I don't have anything more than that, so I need 100% of the purchase price", which as a lender is a challenge.Assuming the other #s bear out, a lender would much rather see you ask for 40K, come to closing with 15K, spend another 5K on renovations, and then maybe they would be willing to reimburse you for the 5K renovations (thereby adding 5K to the loan balance).That way they can see you have $ at risk in the deal just like them, and also that you have the financial discipline to save 20K for a project like this (and are so confident in your #s that you're willing to risk the 20K).Also as a lender I would probably scrutinize / be cautious on the comps supporting the 80-90K ARV just because a small 700sf 2BR house can be a lot harder to sell.I don't know that the #s would make sense for a buy, fix-up, and resell deal, they're pretty tight when you factor in closing/holding/selling costs.

I have a duplex, rental house and just bought my first rehab/resell property.

When you buy a house to renovate and resell, Look at the age of the Item vs the expected life.  

Account Closed  while I understand your sentiment you also live and work in a market with excess housing.. houses that cost less than cars etc etc. .plus of course you have high end homes.But even dogs in our neck of the woods are 250 to 400k same thing you would pay 10 to 20k for in areas of Baltimore.. what works there does not work on the west coast.. while some of what you mentioned is certainly tried and true RE one oh one.. just a little different setting here Is all.Mary, if your serious about this you NEED your license just the savings when you buy and on the list side will create huge amounts of profit when your working in our markets.. plus you get instant access to MLS and you don't have to rely on anyone.. for the life of me I can't understand who anyone would not think its a benefit to be licensed in our market if your intent is to buy and resell homes that are in the 500 to 1 mil plus..

Currently my 4plex as a 99 year land lease started in 1977 should be worth around $250K but the individual units are reselling for $75K making mine worth $300K.My goal is to sell, place the cash in a 1031 Exchange account and then buy 3 to 4 condos in a high rise using private money loans with 30% down payment on a 30 year fixed amortization but a 5 to 7 year balloon.  

Once they close then they have an in-house agent that will list and resell the house after being painted and carpets replaced.  

A few interesting revenue sources I've found:-Selling tideland rights - locally we have great shellfish, and you can sell *just* the tideland right to large seafood companies, while keeping the use of the property-Selling timber - I found out a local investor just buys vacant lots, logs them, then resells, with all the money in the timber-Selling energy - in some cities, if you have solar panels, you can sell excess energy created back to the cityWhat other creative alternates have you found for getting more money from a property?