No doubt there are many success stories, but for every success story there is someone who failed.

Sometimes the cement used between the bricks will start to turn to dust as it gets old and foundations will need to be replaced all together. 4) Warping/disintegrating roofing material.

I will run a credit check if I have some doubts.

The PM is absolutely critical, no doubt.

I don't doubt that rule will change as well with how explosive STR's have been. 

@Robert Johnson As monthly cash flow extremely doubtful.

Though you'd need to add back losses from PTPs, rental losses, and some other pieces.When in doubt, speak with a CPA who is well versed in your situation and they'll be able to provide a more definitive number for you.

I spoke with a broker and chase mortgage rep regarding financing this under primary convention loan (20% down) and got two separate responses. 1. broker says I must hold the property for 1 year before I can flip it using conventional 20% or do 30% investment loan and hold for 6 months2. chase is telling me I can flip whenever I want to but recommends 3-6 for the deed to fully register (I have doubts this is true and might be considered mortgage fraud)My question is what are the actual legal requirements for using a primary mortgage?

I doubt they have pictures of the sink or whatever.If I were you, I’d have no issue standing in front of a judge and feeling correct in my accounting.

This is a diverse area of town, no doubt.