Any thoughts on Brian's mention of lease option with so much neg equity, or IOU note to seller to pay below market once house is rehabbed and sold at investor profit?

I hope that your home sells quickly and for profit!

That was why I was thinking condo's...I was hoping to find a nice one with potential in the 50k range and that would leave me some money for reno's and hopefully be able to flip it for a profit.

If you really want the place and are sure you can flip for a profit you have to put some skin in the game.

I even looked at OC properties specifically and never could find one that even came close to putting profit in my pockets.As far as what areas.... it's always changing.

Wouldn't that eat most of my profit up.

@Darren Sager I have been reading information about wholesaling properties.It appears this method would give me the opportunity to be able to make and save money so that I can invest in my own properties.I have a full time job, I wouldn't have to worry having to use the profit for my expenses.Just a thought, due to me have no resources.

If I put in 90% of the cash and get back 70% of the profits (30% refers to the other person who is also the developer) - shall I ask fo a great % if more capital is needed?

The exceptions seem to be if a person buys a radio, television, or cable enterprises (475.011(6)) or the person is an employee of a public utility (475.011(3)).

From those profits I'd take 60% towards your next flip project, 35% towards Buy and Hold and 5% to your pocket for a nice reward :) This strategy keeps you doing what you know well.