Me and my partner are whole selling in the area and looking for active investor to work with .

I found a person who had all ready been transferred to a new location with his job and had been unable to sell their home.

Second option, if it's even valid, I could build a new house in one of these new communities and then have the house for another few months and sell it (assuming that it would have increased in value) Any input to any of these two strategies would be highly appreciated!

So yes, you can IO then sell.

@Manny Martinez Sell it Manny!

FYI: If I keep I will be sidelined for 8-12 months until I can buy another deal.What you guys think Keep a fully renovate home for 66k in a C+/B- area or sell for 107k for the next deal?

I never plan to sell other than as a 1031, if that. 

My realtor (and friend) owns a number of properties and recently offered to sell one to me through a lease purchase agreement.

Everyone here will try and sell you something based on what you're describing.

@Dominick Tonnarini, The only issue with your plan is that you will have to pay a sizable tax on the sale of that property when you do sell.