To maximize their PROFITS.

If you are getting the property at below market value, the bank shouldn't have a problem with you selling for a profit based on the appraisal.

I just saw a show last night on the Home and Garden Television channel where they were showing the process of buying a home, fixing and selling it for a profit.

With a possible $600,000 profit, I'm stuck.

The only way for me is now research on the internet or call my relatives and friends that lives in those states but yet alot of times they dont live in the specific area which I think might be profitable.

This is our first venture into real estate financing, so while we both are skilled with our hands, we decided to make some profit for ourselves.

For example, if the house is a foreclosure and the seller is a bank, a cash offer may get you up to a 5-10% discount, in my experience.If the seller is a private seller, it's really going to depend on how desperate the seller is to get rid of the property and how much money he "needs" to make on the deal.For example, when I'm selling my properties, I like to get cash offers because it means less risk that the transaction won't close and it generally means a faster close, both of which are important enough to me that I'm willing to give a discount of up to 10% (depending on my profit margin for that particular property).Now, that said, some sellers are trying to get every penny out of their property, and the benefits of a cash deal (less risk, faster close) isn't worth trading any profit.

In our smaller city I should be able to buy and rehab my first house for under 40K if I find the right deal, and expect between 5 and 10K profit after expenses.

Some of it is good (you don't pay income tax on the increase in equity of a building until you sell) and some of it is bad (you pay income tax for partnership profits that are reinvested in the partnership).

If you don't have it, get a job and save up some money.If this (flipping two houses for $40K profit with less than $200 cash spent) really can be done, I'd really like to see a detailed account of it.