There is also a period of time that you will not be able to resell it.

If you are looking to resell without using it as housing while rebuilding it you may lose money.Be very careful replacing any floors.

The idea is you buy sub2, resell on a wrap, rinse and repeat.

Only other item is that if the home you purchase is in a Park to confirm they are okay with you being a non-occupant rehabber that plans to re-sell.  

You buy items on ebay cheap and re-sell them.

However, make sure to keep an eye out for overpriced properties that could be difficult to resell when it comes time to move on.

When reselling you will have the choice to sell to a buyer of your choosing (who is also park approved) for all cash, rent, or payments.

See Sonja's reply above...FNMA will restrict you from reselling or encumbering an REO purchase for 90 days for more than 120% above the purchase price.

If your intent when you purchased a property was primarily to resell it then you may not do a 1031 on it.  

@Mark Bloom  of course you don't you would not be able to do what you do legally in our state and you guys are the worse of the worseit was a few deals I funded in Dallas and both disasters.. your guys lied about ARV and rehab cost my borrowers relied on it. and they lost all their dough.. disaster.along with that your just reselling stuff that is MLS.. you just tie it up and wiat for the dummys to buy it my guys were dumb enough to deal with you.. hopefully once this upmarket dies down you will find some other victims in some other scheme.