This may be a complete scrape. 

I’m primarily interested in flipping houses and/or buy/hold rental properties so I can eventually not have to work a 9-5 job and can spend more time with the kids and wife. 

Let me first provide a little context on where we are at with the deal and the overall condition of the property.My intention: Primary residence- 2 yrs, then rentalLocation: Denver, CO (Very high growth neighborhood, this deal was almost all dumb luck...)Condition: House is B Class, recently remodeled, 3br, 2ba, huge yard, carport, shed, new roof, everything about this house is above and beyond what I consider move in ready.Asking price:  $399,000Days on Market: 27My Offer: $375,00 (Accepted)Contingencies: Inspection, Appraisal and Seller allowed to live in the property for 9 months after closing while new build is being completed.The seller is in a position where they need capital to finance and complete the build that has already broken ground on their new home. 

In California, I'm primarily focused in the Sacramento / Stockton area of the Central Valley.

Do not pay more than the work completed and you will end up in deep trouble if they vanish and lose money.

I'd like to share my most recent completed flip deal. 

I was involved in a travel plaza that was at completion 15 million. 

I am looking into purchasing a 20 unit apartment building in Cleveland that has been completely renovated.

As a rental investment it is not worth the risk or work load based on you having negative cash flow unless you are in a high appreciation market and willing to gamble.SFHs make for poor income property investments and are primarily a appreciation play.

@Jason GottThat is completely understandable and wise to be cautious.