Then you need to factor in the cost to finance if you are doing so (ie. underwriting fees, closing fee, etc.), holding costs (utilities, property tax, etc.).

In my experience flippers make the quality of a city improve, but like @Greg H. said, there is the "you aren't from around here" factor at play.

If you purchased a property, significantly rehabbed the property and immediately sold it thereafter with the intent of flipping it, it will be subject to self-employment taxes.Regarding the taxes you will be subject toFederal TaxesState taxesDepending if it was a flip or not, also self-employment taxes.Speak with your accountant on the actual taxes that will be due as he/she will know what your marginal tax rates are.You can also factor in improvements / selling costs to decrease your gain / taxes.

I did more research and thinking after I posted and I determined that I am likely eligible for the primary residence exemption on taxes which negates the capital gains factor.

You can even split that into multiple properties if the cashflow numbers make sense.On the smaller factors side - $300 HOA IMO is down the drain which is one of the reasons I like to avoid Condos.

We have both been feeling a bit... stuck lately.Now that I am working remotely (I asked my employer to remain remote even after everyone returns to the office... request pending), I have someone to go and split costs with, and I really don't have much keeping me in the Northeast (family likely moving to South Carolina in the next few years), I am ready to take the chance.There are so many places that I'm sure I would like but in an attempt to not get analysis paralysis, and actually commit to making a move, I decided to focus on Colorado Springs.This came after doing some research on decent cost of living areas that are ideal for young active professionals who love the outdoorsy lifestyle such as myself (and my friend).It seems like there are good job opportunities there if I do chose to get a job in the area (likely to be the case if my job denies my wfh request).Ultimately, I want to buy a small multifamily house to house-hack in but first I want to start narrowing down where in Colorado Springs I would like to be.I felt that it would be best for us to rent a 2 bedroom apartment for maybe a year in Colorado Springs to get a feel for the area and see if/where I would like to buy something down the road.I am not a big city guy but do like downtown and suburban areas.

(The seller offers the tenant anywhere from $3k - $5k in cash for keys) This can be factored into the price or negotiated with the seller upfront so it is amicable to both buyer and seller.We cannot bend the 60 day move in rule because it is a HUD/Fannie/Freddie requirement for occupancy post close.

Walking distance isn’t really a factor since most people have cars.

There are loans with the deposits of one bank account for 12 months divided by a factor depending on lender and your other income type.

Keep in mind the title company will need to keep the lights on and stay in business as well.Two key factors in real estate are numbers and relationships.