I always like to start with the rents and reverse engineer it.Current rent $625-25% total (vacancy repairs cap ex management)Assuming tenants pay all utilities $470 left before monthly payment, taxes, insurance -$500(estimated) Monthly mortgage payment & insurance (no tax) for a 15 year loan.OR-$350(estimated) Monthly mortgage payment & insurance (no tax) for a 30 year loan.Depending on what kind of loan you have out15 year loan, cash flow = -$3030 year loan, cash flow = $120This does not take into consideration the rent increases.

We both kind of had a revelation about financial independence and retiring early aspirations combined with career changes.

I never really considered it because I try to be kind and polite to everyone, but I believe the house we are under contract on right now may have been a similar scenario. 

Is there  any BP members out there flipping in this kind of market and is it profitableGary

@Jackson Tate  My favorite contractor for that kind of work has retired to full-time ministry. 

I have some options with business lines of credit as well, but before doing this I wanted to check on why more traditional loans are being discouraged in this case (and if this is common).

Of course, this STR business can be a 24/7 kind of thing the way I run it. 

While I am new and probably not the best person to offer proper real estate investing advice at this point, I can tell you that one of the common themes I hear from talking to many successful investors echoes what @Jay Helms said above.

Short Story: Refinanced 5 single family units into a 24 unit complex.Back Story: Purchased my primary house(105K) thru auction with a very friendly but very real loan thru my parents(70K), I was originally looking at 30k houses and this one didn't sell at auction and kind of fell into my lap.

He tells me this is a common "takedown" for this type of sale.