First initial mortage was a mortage reseller.

What I've found best is to attend my local REI meeting and ask the best investor that does what I want to do (rehabs/resell for you) and get a referral from them.

He came to me and said it's currently occupied and would make a great clean-up and with "only some minor fix-up and a vacant home we could resell around $100k." 

The multi-family bought for appreciation would not be bought for cash flow, but for the appreciation realized when reselling.

The term "flipping" is greatly overused these days so I will assume it means buying, rehabbing, and reselling (retail) to an end buyer/investor, versus flipping meaning wholesaling.

I know there are some land contracts where payments are treated as rent, and others where payments count towards the balance on a note.Most of the time when a buyer resells the house before the full term is up, is he getting any gains from appreciation?

@Amber Saulsbury It is not only about cap rate but appreciation too.In my area it is 4-5, but appreciation grows like crazy, which means.When you buy a multi 30 units for 5 million for example, that is C, renovate it, increase rent, add value and resell it after 2 years, you can resell it for 7-8 million, so BOOM you made another 2-3 million just for reselling.When it comes to apartment buildings, yes it is nice to have a steady cashflow for 100k-200k a year, however, what would you rather?

Flipping PropertiesIf the primary objective of your real estate business, or one of your real estate businesses, is to buy, potentially fix up an existing property and resell it within one year, the Internal Revenue Service can consider that to be an active trade or business.

But there has been appreciation since the property was first placed under contract, so I was thinking I could just turn around and resell it for a profit--maybe doing some light cosmetic work on the inside (e.g. remove fake wood paneling, paint, repair broken window)--since there are a ton of first time homebuyers who might jump at any habitable house for $200k, regardless of zoning.  

You'll need to buy at the lower amount and take title then you can resell to the owner, otherwise you can't justify a larger note amount as you aren't making a cash loan.