First off, you have the most awesome first name on the planet and you even spell it correctly!

I understand that the contract between myself and the seller would be the P&S contract and the contract between the potential buyer and I would be the assignment contract (correct me if I'm wrong).

Michael Kiley 30% is achievable realistically by applying the BRRRR method over and over.The downside of that is that it takes time to buy, renovate, and refi.

If you're sub leasing then the original owner would retain ownership (If I'm understanding you correctly).

Congrats Jodi,Sounds like you got a deal and times it right Hillary ,I’ve been listening ok’ing at flood deals for a while now , from the deals that came my way the wholesalers are looking for 60-50% of the ARV , that doesn’t leave you much room for error , market correction or stigma of a flood home even in a good area .Take off 10% for commissions, legal  & closing on sale , you are looking at best a 12/20% return on investment .Now imagine if the mold situation comes or contractor goes over budget , you may be stuck holding a wet bag If your plan is a rental than at least you have a plan B in place For the best upside of 20% I’d stay clear Of course if you can purchase at 35/45 From ARV that may be worth considering IMO the Flooded homes are going to be in the market for a while - based on the fact many owners are just hanging on and not paying mortgages .

You're talking about a whole variety of no money down methods.

Apartments will get you immediate cash flow if bought correctly and long term wealth.

@Ephrem Bekere It's impossible to answer this question without knowing 1) your other income and deductions and 2) whether you reported your rental income (as well as other items) correctly, neither of which can be ascertained from a forum post. 

Otherwise, there are generally no strict caveats here as long as you get the proper advice on moving the funds an setting up the correct entity for ownership of the asset.

If you can buy a multi-family that is paying at least 50% or more of the expenses then you are ahead correct?