If you plan to sale the property in say 1 to 5 years, then there is no real need to worry about building long term equity as you will simply make your profit when you sell.

I'm looking for a book that covers topics on how to locate the best properties to flip, how to maximize your profit from specific renos, how to market your properties yourself, and basically a top to bottom strategic guide on flipping properties.

Will they want a detailed project analysis or will pall park figures work if the profit margin is big enough?

I think you can especially profit from it if you can lock in loan rates before the July 1 interest rate hike by the fed:http://www.1stmillionat33.com/2006/06/a-strategic-trade-in-this-housing-market/I know some of you are quite risk adverse, but all signs point to interest rates climbing for a long time to come.

I just read "Buy It, Flip It, Sell It, Profit" by Kevin Myers, in which is says mold is a much bigger deal lately than it ever has been in the past.

Save all the money you make doing that until you have your own cash to make the deals work for you.When you get enough cash, you can work the deal without giving a huge chunk of the profits to someone else.

If you can find a way to send it cheaply and easily then do it if not stick to your referrals. convert everyone into some sort of referral. buying leads could reap some results but keep in mind the money is going to cut into your profits.

The writer of the info was saying the profits could be higher that the buyer and seller will never know what cash is exactly given except the amounts they have agreed to.

I suggest starting with owner financing and lease options-some investors don't like this technique so it can be a niche for you..It was for me and as a result I became successful..There are other little to no risk methods like flipping wholesale projects(yes it is legal) you have to have the knowledge as to how to structure your deal but I already have a book going..I recommend starting with these type of methods because it will build your cash flow and once you have consistent profit you can become even more creative and do more advanced strategies.

Wendy,Great idea and congrats on turning it into profit for yourself.