The wife has an income of 36k and the husband has a used car sales business.

They think that in order to list their house for sale, it has to be in updated condition with all the needed repairs completed because that's what their friend/dad/neighbor told them.

I recently purchased a multi-unit where part of the sale was to upgrade the electrical to meet code.

They use a financial advisor to over see the sale of a triplexes in Brooklyn and a multi in Honduras.

Purchase price: $115,000 Cash invested: $3,000 Sale price: $155,000 This flip was bought from a wholesaler.

Thanks Brian, perhaps it would make more sense to purchase the house under an LLC (form one now) and seek a SBA loan and payback after sale?

If it is what the seller is paying, it’s an indication of what you might be able to get, but I would not assume it’s what you’ll end up paying.A few things to check when doing due diligence on the insurance.....Cutting back the insurance coverage prior to the sale is a strategy to give assets a higher return.The seller may be able to insure the building for what they paid for it 10 years ago, say $100,000, and now you need to insure $200,000 to satisfy the bank loan.  

I wanted to listed for sale this year, but I started considering an option of possibly renting it out.

I met a gentleman at my church who has been doing wholesaling, rehabbing, short-sales, etc for 15+ years and is also a licensed broker.

Every sale of real estate uses a title company or attorney.