It is a very informal meeting and is a diverse group of mostly young investors.

The houses might not be in good condition but I was thinking I could get a FHA 203k loan built into the total loan amount and also try to get down payment assistance added to it too for a maximum loan amount of $160,000. 

@Michael Prats The best way to learn the real estate business is to get a job as an assistant to someone who is successful.  

These are assumptions, but the holding costs (taxes, insurance, utilities, financing if applicable) over the next few months combined with the selling cost (commissions, transfer tax, seller assist if you're selling to FHA buyer in a lot of cases) you're looking at about 85% of your ARV left. $90k x .85 = $76,500 - less repairs $25k= $51,000 - less acquisition $40k= $11k net profit.Consider the remaining profit you'll receive once this profit is split between partners and after taxes.I'm working on a similar deal right now and thinking that I will rent it out since the profit margin is only around $10k. 

The home is paid for.Since I will be available everyday literally next door for maintenance, guest assistance etc (I am retired) what are my options tax wise...I believe I can treat the home as a business or as a vacation home for tax purposes.

They do make you wait 2 weeks to take the test at the end of the next course so the quickest you could finish is in 6 weeks I guess.I chose the $99 option, but there is a $199 and $299 option I believe that offer more resources and assistance.

Unless/until you feel you are 100% comfortable with all aspects of a real estate transaction and the legal issues surrounding real estate transactions, I highly recommend you use a great real estate agent and/or attorney to assist you.

Hence we employ the legal assist....

Let me know if I can be of assistance to you or your contacts.

To really make money flipping homes you have to be somewhat diverse in the knowledge of all trades, or you will find yourself upside down very quickly.