All things to consider. 5) how do you plan on managing the property?

As a Certified Financial Planner specializing in real estate investments, I'm excited to offer some insights into your retirement planning question.

I plan to flip the house but to avoid all the fees and closing cost involved with buying the house she has agreed to allow me to rehab then sell and give her our agreed upon price within 90 days of our agreement.

My plan is to contact them in effort to get them to sell the property based on the assumption that they are out of state or possibly out of country and the property looks like it is in a fixable condition. 

The seller needs moving money, there are oftentimes an arrears that has to be paid on the loan, there are oftentimes HOA fees that are due, there are title costs, there are escrow costs, usually there is deferred maintenance, you have to make mortgage payments out of pocket until you get a renter in there, you have to pay utilities and taxes, and you need reserves in case it all doesn't go as planned.3.

My plan is to take the detached garage and turn it to a casita to also rent out while still living in the main property to offset the increase in mortgage from the refinance.

But IMO if the owner lives in the area, just go knock on their door and see if there is anything that you can do to help them and what their plans are for the property. 

House hacking is one of the most popular strategies you can take and it can be a great way to build wealth and generate passive income, but it's important to have a long-term plan in place.

I would say only if you plan to use the property for another purpose or if the property is really cheap and fits within the building guidelines. 

Currently submitting final plans that include Architectural and subdivision approval.