Requiring renter's insurance (separate from your property insurance) is also very important since they typically would not have the cash reserves to pay for a major damage such as water damage, ruined floors, fire/smoke damage, and you will be sued by 3rd parties if something happens to them while at the house if they have to go to the ER. 

It is a 4bed 3bath 3200sqft $1.2m custom homeBenefits- no HOA or rules restricting STR -1mile (walkable) from historic downtown or from the Rock park-house has nice views and is pretty secluded from neighbors and feels private-assumable loan with much lower than market paymentDraw backs- high price -no comps, new house in older neighborhood.

Most rust belt cities are similar, older housing stock, lower prices, higher risk.  

I am about to flip my first house and I'm already learning a lot.

Please correct me if anything I say about my plan is wrong and I'm willing to learn/listen to more advices here.I'm currently living in PA will be paying off my house this year (only $20,000 left).

We were able to quickly sell this spec house on the MLS at full asking price.

The house ended up going under contract in just 17 days, in a market that was averaging 58 days on market in this area.

In a few years your capital gains tax will be offset by the higher returns.Option 2) Your other options involve risk or work such as MF syndications, flipping houses, 1031 into an undervalued property that you fix upOption 3).

While the house itself can be flipped for upwards of 400k, new construction in this pocket is early clearing 500k pushing 600k.

He also removed a whole house alarm system without telling me.