This individual would view the homes (these homes go fast, must be available), get estimates/oversee repairs & do some repairs.

I'm in Brooklyn too, Brooklyn is so unique in that you can buy anywhere and build condos, for example, Third ave. used to be only car repair shops, now they are building many condos...There is alot of money to be made out here still.

The cash flow possibilities are quite amazing and endless.After debt service, property management, property repair fees and vacancy loss, you should be able to cash flow at least $400/month.

hmm... a few useful bits of info from what I've learned so far without copying the entire fix and flip page from my website:An ideal place to start looking might be in neighborhoods that are in the 25-35 year old range; basically where houses are outdated but still hopefully in good structural condition.With this kind of unit, you can focus on some of the more basic, value-added repairs such as paint, flooring, landscaping, and other basic finishing touches.

.- Flip a single family house with NO MAJOR REPAIRS.

Purchase price is $113,500 with approx $20,000 in repairs.

At a 25% tax rate you pay (take your pick) interest, repairs, management or any other expense ONE DOLLAR in order to "save" TWENTY FIVE CENTS on taxes.

The house needs some repairs in the basement...the foundation may have issues.

You need to make sure that you set aside money for maintenance and repairs on the property.

I have a chance to buy on a lease option, do minor repairs, and sell easily for about 10k profit.How does this work when I sell the property?