My slight concern is, how long can that style last?  

They teach you how to use OPM (other people's money) and PML (Private money lender).

I agree with Russell Brazil.What you are asking and what you want to do is far more complicated than you may expect.There are so many little details involved, if you miss something in the process you could be in trouble with the real estate commission, the law and the seller's lawyer.We teach these concepts at our agency and warn that this flipping process can be complicated.

Of course there are always exceptions but those starting out often waste their time looking for the exceptions.I suggest to all those starting that they need to either start really small (wholesale) or change your life style live like a hermit for a few years and save every dime you can.

I can teach someone to do just about anything that's not rocket science, but I can't (or won't) teach them how to come to work every day, give a **** about the work they're doing, be honest, treat other employees and the public with respect, be on time, dress appropriately, etc.

The right person in that environment can teach you a lot about determining ARV and repair costs. 

Hi @Justin Dutchover, I like your style!

A landlord or any other borrower is not where you should be getting a lending education, they know what they did but they don't know what all a lender does.Another issue with learning from potential borrowers, is that the borrower explains the deal to convince a private lender, they really won't get into explaining their risk exposure, that would be like talking the lender out of making the loan......ever hear a borrower tell an individual how long they may have to wait if the died, took bankruptcy or they can't finish the project because their tools got ripped off......or whatever the reason.Investors that teach folks how to lend money to them are probably most most dangerous out there, their intentions can be very good, their knowledge is not from a lender's side and they won't be hammering all the nails in.Learn from lenders, Jon has loaned money, HMLs and brokers that do a wide variety of lending are probably the best as their experience will be broader.

The upstairs unit has 3 bedrooms, 2 baths, but the downstairs unit is a studio style although there is a garage that some similar houses on the same street have converted into a bedroom so that the basement unit has 1 bedroom.

It is more of an RV business than a real estate business, Make sure your carpenters know what they are doing and teach you the right way.