Some of advice that is a common theme among all the resources and discussions is this: "You make your profit when you buy a property, not when you sell. " and "Buy under intrinsic value."

The house was bank owned, and needs some work, but nothing too  major. 

These numbers are approximately and based on financial institutions that I contacted and gave me quotes. 1. 220k x 3.5%= $7700 downtenants pay: 1200 x 3= 3600 mortgage: 1387 (tax, PMI, etc included)water: 170cap x: 200 (appliance depreciations, repairs, etc)loan: 176 (10k loan; my personal loan obligation) PROFIT: 1,667 mon. (20,004 yr) **I could save 6 mons from the profits and pay off the 10,560 from the personal loan.Property 2; I would write and notarize a contract up between me and a relative or close friend that will state that if they apply and qualify for a 30k loan which their monthly payments will be 528, I will pay them 10k over 12 months (834 per. mon).

BUT I probably couldn't sell it for a profit and I can't get a loan on it!

The vast majority of the properties go under contract before the rehab is done, however, the investor doesn't close until the rehab is done, an inspection completed and a tenant in place.

What if I can convince him to buy the property(in no way a nefarious manner) and I get to profit from it?

Flip2freedom episode 77http://www.flip2freedom.com/a-3-step-formula-to-a-successful-balanced-and-insanely-profitable-2012/ - LISTEN TO THIS TODAY!

There will be lending specialists (residential and commercial), student housing specialist (CEO of Redstone development), financial advisor speaking on CRT's, and myself training on maximizing profits with Multifamily investments.

My previous endeavors have been buying smalls (store closing inventory, etc.) and reselling for profit.

If you find a deal to flip with lots of profit, instead of assigning it borrow the money from HML, complete the flip, pocket profits.