So do a refi as soon as you are allowed to under your purchase guidelines and get your 75K back for your next deal and take the additional 13K and add it to the rehab budget or down payment on another property or pay yourself a wage or whatever you want to do with it - that is your profit and you still own the house and (this is the important information in making this decision) rent it out ASSUMING that local rents are enough in the area for you to cover all expenses each month.That seems like the perfect situation considering you want to grow passive income and avoid a huge tax bill and the fact that you are in the middle of this thing as we speak.Lots of people are in envy of where you are right now in your investing Mr.

Up to 3% penalty if closed the loan out in less than 3 years.My questions...Is this a good strategy to get funds for flipping and what would be the best way to use the funds if my credit isn't perfect (over 700 though)?

Makes perfect sense.  

My husband and I recently purchased/are waiting to close on our first duplex (50/50 rule applies perfectly, making $600/mo profit or 300 each and we already have tenants lined up to move in). 

its was master planned for quite a few more units than were eventually built.. the developer I worked for tanked in 1990 recession. 

He seemed perfectly ok with it.

Your local REIA meetings are perfect.

I just had a blowout on 75 @Joe Villeneuve I crawled off the highway at Rosa Parks and went to Corktown.Corktown is a perfect example of what can happen in the city. 

We have put offers on a few properties, and 1 we were beat out by a cash buyer, then we found one that would work really well for us, not perfect but really workable, only to have seller who was open to land contracts decided that they want 25% down.

That's what leads me to believe she's more motivated to sell than she's trying to appear.She pays $300/mo for lawn upkeep (which she let go during these past few winter months) and there's the costs of maintaining a private well and septic tank and stocking the pond on the property.