I think it's exceptional you are taking the time to build your network and education.

@Robert Power If you are thinking you can buy a duplex and have one unit rent cover all of the expenses, that will not happen (except in very rare cases in very marginal/bad areas) in New Orleans.  

Because of my background I’ll be rehabbing the property all myself with exception of a few things I hate doing like doors and windows.

They set up all their own accounts properly except they forgot water/sewage/trash (all one bill).

Exceptions to this but Atlanta and Houston would be better for flipping.  

Like a hashtag except with an @ sign

If it does not, what can I say except stick to your local market ;-)

Appraisal came in at $68k.It's a C property in a C neighborhood, so it's not something I would normally look twice at except that I might be able to structure this as a "long term" flip.

If you use cash or a HELOC then you can qualify for the delayed financing exception which will allow you to refinance under 6 months with new appraised value.I hope this helps 

He still owns the note but it is now tax free except for the interest part of the payments.