Is the property being delivered vacant in the purchase contract ? 

The property I will be purchasing is a condo with a HOA that has a 1 month minimum rental period.

I am not sure about Newport News but in my market, you'll need 5-10% of the purchase price to get the deal in contract.Without a contract or a Real Estate license in VA, it could be a waste of your time to go out looking for a buyer.

Purchase price: $240,000 Cash invested: $38,500 Sale price: $355,000 Partner Driven, in collaboration with Ivan West, successfully completed a fix-and-flip on Woods Drive, Decatur, GA.

The biggest mistake many make is purchasing their first property in low barrier markets with poor fundamentals  solely because the real estate is inexpensive and it’s the only place where they can afford to buy.

How have y'all been purchasing your investment properties?

Purchase price: $218,000 Cash invested: $12,000 Sale price: $280,000 Partner Driven, in collaboration with Garrett Moretz, successfully completed a fix-and-flip on Sardony Lane, Charlotte, NC 28213.

Purchase price: $220,000 Cash invested: $5,988

Unfortunately it can be difficult to identify legitimate offerings both on the lending and wholesaling side but if you stick to larger more reputable groups you should be in good shape.As far as requirements, hard money / private money lenders will typically require you to put at least 10% down on the purchase, often more.

The owner portion is enjoys homeowner capital gain exclusion, the rental portion does not.So it all depends on how you prepared the taxes for the last three years.