This would give me a big equity bump, allow for larger cash flow opportunity (renting a 4 bed/2 bath in place of a 2 bed/1 bath), and I could avoid most of the headache involved with a rezone. 

If we're talking about profit, that's like 1k per year not including equity and that's not worth it to me even as a landlord with no responsibilities.

That's a pretty decent profit. 

@Eli M.There are quite a few non-profits in Philadelphia that assist low-income (or other specific classes) population with first moth rent + downpayment.

Also interested in any suggestions that, I and others could benefit from, regarding floor plan adjustments that others have done that you have found profitable/marketable and cost effective as well as total disaster stories on what not to do.

*raises hand* ;-)The average flip in the area is going to have a profit of $15-30k.

I'm currently looking for the best way to "get my feet wet" and I thought buying a fix-and-flip home may be a good way to do that and use the profit as a downpayment toward my first rental property.

In order to make deals like this work I did some homework and I think I will rent rooms on these larger houses.   

This property is located in the hottest neighborhood in Chicago so if I sold it I could sell for a 75k profit or if I rented it out I could make $400/mo doing so.

I recently bought a house in the Reno, NV area but have decided to either flip it or sell it soon (the market is crazy and I’d make a profit without any improvements).