What kind of return do you think would make sense for you for flipping?

For example if you owned your previous home, had plenty of equity, worked out a forbearance or deferment arrangement with your current mortgage company, the mortgage on the new loan was less per month than renting in your area (common in Houston) and truly have a plan for exiting the old house, as in you have the means to repair it or the equity to be able to let it go as-is and not be upside down.Or you are well within a floodplain, so you have flood insurance and you'll have a payout, maybe you've flooded before, and and it's just time to move to higher ground.

Depending on what kind of ROI your looking for you may want to adjust your numbers on the maintenance and delinquency slightly higher to see if it still makes sense.

My thought is I can buy the raw land, and sell it back to the owner of the main parcel, who recently purchased it from a bank as an REO.The property has access to a main road without going through the other parcel, but is currently behind a contiguous fence from the other parcel.Does this strategy make sense, or am I putting myself in a poor position by doing this.

@James D Malone Thanks, that does make more sense. 

They LIKE the location, but I get the feeling I'm up against that invisible "you gotta make that decision" line with them, if that makes sense. :) Thanks again!

I operate as an agent in a relatively expensive area in CT and this is a common question I get a lot from people as they start the process of buying a house hack.My clients who have had the most success have identified areas they felt comfortable living FIRST and then found a property that fit their budget.  

Does it make sense for me to draft something and have our attorney review it/ sign off on it, or should I just ask him to write the whole thing? 

It is very common in France where the landlord can decide to give away 2.75% of the rent in exchange for rent payment in case the tenant stops paying.

My question is more if the numbers make sense and if I should consider it a good deal.