We would have loved to have kept it ourselves but We just didn't have the cash to pull it off and couldn't find financing.If you have $60K to spend you can find a property that will cash flow well, pretty easily in the City.

I'd keep it and refinance to pull cash out, which you can use to buy another house here to meet your needs.

I know I can pull the city's CAFR and study the financials and demographic changes.

A couple of ways to get direct access to your local MLS: 1) Contact a real estate agent/broker and have them pull information that you are looking for. 2) Get your own real estate license and pay the local MLS access fees.

Hi Kimberly,Welcome to BP.Many people have reservations on pulling the trigger on their first deal.

In fact, we're re-financing it and pulling out enough to cover what we put down on it + the air conditioning repairs so technically we're operating on infinite returns now.

Should i pull a equity on the flip house untill i sell?

That can be good or bad.Hey may be eager to help people out in his Ward to improve it and put his stamp on things before he is up for re-election, or he may not have the pull to sway things to change.

I plan to pull out 80% of the ARV as long as it leaves me with a positive cash flow of at least $100 per month after expenses.My thoughts are I can get some of the benefits of "flipping" (quick cash out) with out the tax repercussions because I am putting it on the market as a rental.The only question I am still researching is if I can write off the "Repair costs" in the same year because its a rental or if I will have to depreciate it over time.

Be careful talking to too many bankers though as each will pull you credit and put a ding on it.