The area is turning over quickly. 

I made contact with owner and quickly did a walk through already. 

Yes, because you have to cover treads and risers, cut around obstructions (posts, molding), and make sure everything is secure enough that the stairs are safe.

Maybe I'm wrong, but considering I wouldn't be paying 2 mortgages, water bills, insurance ect. wouldn't it be safe to assume I could purchase a property with a slimmer profit margin?

I fix it as quickly as I can to the best of my ability but I am under no obligation to make their life perfect every minute of every day.

After title clearing, purchase of property, excess fees, your profit quickly shrinks to several thousand dollars.

Be aware that the interest rate on that LOC is variable (typically adjusting each quarter), so have a plan (back up funds) to pay it off quickly if the rates go up too high too fast for your business model.

E.g. if this is in a quickly gentrifying neighborhood and your personal financial situation allows it, you could take a risk and underwrite it at a level where you are just-about breaking even with your mortgage +  operating expenses. 

My goal in the next year is to move from single families to the multi-family space, and then quickly to the commercial apartment space.If you're willing to chat, meetup for a drink, or let me know about other meetups in the area (San Francisco/East Bay), then hopefully we can meet and exchange information, build partnerships/friendships, and build towards our financial freedom.Cheers.

I need /want to make some quick cash for reserves, any ideas?