And yes I’d have no problem tweaking my strategy and doing it as more of a buy and hold type thing.  

Factor in about 10% of the sale price to go towards closing costs (transfer taxes, commissions, attorney fee, etc) and miscellaneous expenses and you're at $625K so far - this is NOT including demolition costs, holding costs (taxes, utilities, insurance, management, etc), architectural drawings, surveys, building department filing fees, etc.That said, you may also want to consider the costs and potential benefits of adding sq ft. to the existing home and/or updating the home to potentially boost your sale price.All the best!

We were caught holding the bag on a few flips last year when rates went up which was not fun. 

The exit strategy will be buy and hold.

Hi all, quick question today.I've been looking at a few older property listings while searching for a buy-and-hold rental property in Michigan.

I have not used them but it is plan D for me when I get my first deal as time is usually the primary concern for motivated sellers and like you I may get some great deals that don't fit the buy and hold portfolio I am trying to build.

We are looking to purchase our first property this year, specifically a SF/MTF buy & hold in the Cedar Rapids or Iowa City area.

Though, this process will be the same for the other state (if you created a CA LLC you may need to register it as a foreign LLC in the state in which you are doing business/holding property).

This is an asset that will provide income for you for as long as you hold onto it.

You want to buy a property, then rehab and hold it for only $991 per month in rent?