You might be better off doing your own comparative market analysis by finding real comps of similar houses nearby that have sold in the past few months, and comparing.

They are happy to have a home opportunity.The seller creates the note for 9.9% 30 yrs which is sold at closing and is permanently readjusted to between 5-8.5% depending on end buyer's credit.The invoice to the seller / assignment to the end-buyer is where your flip profit comes from at closing.

I find the houses, I'm the GC on all the work, I get the properties sold, my partner is just the playing the bank for all funds needed.

Thank you for your opinions and advice.If it is an income property - and sold as an income property, it should cashflow.

A copy of your letter was sent to BBB."

Thats pretty much the max of what I can afford so im looking to put the closing costs in the mortgage.I bought a home in Houston, Tx in 2005 and sold it in July of 06.

Find a copy and give it a read for all the details on this type of transaction.Assuming you can qualify for a loan, doing a refinance is no big deal.

If it is the same lender this could be complicated.Do not let the lender of the GA property know you sold it on a sub2.

(the house next to me sold for 275, even thow it is much larger and newer) but i am about half done renovating it and am looking to buy another when i sell this one, my question is i currently have 40k cash, should i save more maybe 60-90k before trying to tackle another, im looking to really get into this, and am hoping to find a higher end forclosure witch could yield more profit.

there are approx 40-50 homes in the subdivision (the developer went broke) out of a poss. 125 ish home sites.The homes i am looking at were orig. sold for approx low $400s - however these same homes are now selling for approx $380 as a foreclosed property.