While we do have cash saved up, we'd prefer to work on our credit for another year before looking at getting a mortgage or commercial loan to possibly do a fix and flip.If you were us, would you a) use our cash to purchase, fix and flip something older and cheaper outright which seems like a huge undertaking for our first deal, b) use our cash as the downpayment/skin-in for a hard money loan (balloon) while we work on conventional qualifications to refi at a lower rate in 12 months, c) My in-laws are in the process of purchasing a seller-financed home and are interested in "renting-to-own" their place to us.

It looks like you are going with a 25 year fixed. 

I really appreciate all the replies.The worker-bee CPA, who did the work, did not apologize or anything other than to say she would fix it and did so within a few hours. 

Like anything else, a company built to do one thing is going to be more efficient than an individual trying to do it once or twice; a professional mechanic is going to fix eight cars in the time it take a first-time car owner to replace a tail light and change the oil.

We gave up on doing fix and flips right away, and spent the next few years doing new construction.

The break down is 6: 2 bed 2 bath3: 1bed 1 bath1: 2700 commercial building once used as a daycareWe get $500 for the 2 beds and $400 for the 1 bedsThe daycare is being fixed up but we have a potential tenant for $1000 a month7 out of potential 9 are rented.

That is just not the case and only makes sense strictly when compared to residential loan terms (longer amortization and low, fixed rates).

It you are simply repairing it without doing the above its more likely a repair and currently expensed.Another thing to take into account if you are buying a new property and fixing it up before you rent it out - those costs may have to be capitalized since you are getting the asset ready for use.Please let me know if you have any specific questions.

Hopefully you know the area your mailing to well and understand what rentals go for as well as spreads on fix and flips.

What do you look for as a fix and flip investor on a standard single family, say 2br - 2b 1200 sqft home in the Bay?