I have a property I'm looking at for $16K. It's condemned right now and I have gathered that nobody wants to touch it. I spoke with the city inspector and we agreed that about $25k would bring it to code. The place has an ARV of $60-65k. My plan for this one is to purchase and rehab it with a rehab loan (essentially NMD - reimbursed for repairs), then refi for ~$50k to get a profit from it, then LO (have two potential tenant/buyers lined up already) it out for 18-24 months and sell for another $10-20k profit. Of course, I need to get it under contract before it goes away and I lose it. Anyone else using this type of strategy?