Account Closedjust tell your friend that flipping is a gamble, and never gamble more than you can afford to lose. sounds like amateur in the deep end of the pool. needs to learn in the kiddie pool first.Terry Lao

ABANDONMENT OF PERSONAL PROPERTY72.101 and:(1) the last known address of the apparent owner, as shown on the records of the holder, is in this state;(2) the records of the holder do not disclose the identity of the person entitled to the property, and it is established that the last known address of the person entitled to the property is in this state;(3) the records of the holder do not disclose the last known address of the apparent owner, and it is established that:(A) the last known address of the person entitled to the property is in this state; or(B) the holder is a domiciliary or a government or governmental subdivision or agency of this state and has not previously paid or delivered the property to the state of the last known address of the apparent owner or other person entitled to the property;(4) the last known address of the apparent owner, as shown on the records of the holder, is in a state that does not provide by law for the escheat or custodial taking of the property or is in a state in which the state's escheat or unclaimed property law is not applicable to the property, and the holder is a domiciliary or a government or governmental subdivision or agency of this state;(5) the last known address of the apparent owner, as shown on the records of the holder, is in a foreign nation and the holder is a domiciliary or a government or governmental subdivision or agency of this state; or(6) the transaction out of which the property arose occurred in this state and:(A) the last known address of the apparent owner or other person entitled to the property is:(i) unknown; or(ii) in a state that does not provide by law for the escheat or custodial taking of the property or in a state in which the state's escheat or unclaimed property law is not applicable to the property; and(B) the holder is a domiciliary of a state that does not provide by law for the escheat or custodial taking of the property or a state in which the state's escheat or unclaimed property law is not applicable to the property.

This pursuit has been incredibly fulfilling, engaging and eye-opening; significant relationships have been established and I've even acquired properties for myself along the way. 

I plan on getting into the flip game much once I establish a few rentals that cash flow.

I was of course intrigued by this process and soon realized that this was called wholesaling.  10 years later I have established my own business doing this.  

Ridgley's Delight is a well establish area with value that is likely to keep it's value or appreciate.

I think @Jay Hinrichs touches on the important point... if you can reasonably expect appreciation, then it might be a good bet/gamble. 

From day 1 I established a mgt co s-corp to manage my own portfolio.I use it very little the way you are outlining, though.I do not want to take beautiful SE-free passive income and turn it into active income. 

Take some time to establish relationships with agents, contractors and property managers in your market.

Then after I get some more general business experience and establish a track record of successful real estate investments I plan to jump into the self employment world and start scaling up.