Bet not.You could possibly rent it out and sell it as a turnkey investment to an unwitting investor from out-of-state, for a large profit.

Can I refinance OUT of the FHA loan I currently have into a conventional?

Some of them were betting against the very loans they were making by buying credit default swaps.

This is what we've done, and have been fortunate enuf to have found some investors here on BP to do just that.I'll bet my bottom dollar that people buying these turnkeys haven't made 15%, hassle free.

I bet you can buy two (or more) smaller houses (1200 sq.ft more or less) in a bread-and-butter neighborhood.Will your 2700 sf beast cashflow given the 50% rule?

How is a cash-out refinance?

No matter where you get comps, even if its MLS, you have no guarantee that an appraiser will come up with the same value.One house this year was appraised with an after repaired value of $110k,,,,then I went to refinance and the appraisal came in at $85k,,then I changed lenders and the appraisal came in at $100k,,,,,these are 3 appraisals done by licensed appraisers in about a 3 month period.Who's right, probable somewhere between $100 and $110, the reason I know that is I know the area, the low apprasal came in because the appraiser pulled comps from the wrong neighborhood,,,just remember, appraisals are coming in all over the place,,and its very subjective

Obviously the plan got refined a bit, but the basic idea remained.After the house was paid off, we did just that.

Renae, Your best bet is to "add value" to either another investor or find a partner is willing to let you do the heavy lifting.

Enrie, Your best bet is to spend some time on the site and learn more about the "flipping" side of the business.