It is important that your wife is happy, but if you are unable to build up a reserve fund, what happens if you need to replace your roof, AC, repair your car, or even worse you lose your job?

$110,000 + $5,000 (closings costs) + $15,000 (repairs) come to $130,000.

If so it can go FHA with the repair escrow.

Even if some of that goes towards repairs and vacancies, you should still be in the green.

You also add value by purchasing the house 'as-is' without repairs.

Could you give a breakdown of the repair costs for your flip?

@Andre Q.Did you accomplish any repairs to the "bones" of the house (plumbing, electrical, structural, etc.), or was this a generally cosmetic rehab project?

Learn how to do minor repairs and rehabDon't get in a hurry to build portfolio.

deal #1: PRIVATE MONEY to acquire the property + My own cash to renovate it (only spent $7K in repairs)deal #2: PRIVATE MONEYdeal #3: PRIVATE MONEYdeal #4: PRIVATE MONEY + use my credit card to Stage & market the property (spent $2K)deal #5: PRIVATE MONEYLesson: private money is a crucial component of a rehabber's funding strategy.

It should always be the offer plus the rehab against the houses' After Repair Value.