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KWM, go for it. People do it every day and make a nice living doing it. Buy the right house, at the right price and fix it up. Keep it two years and sell it with no tax liability (unless you make more than 500k or so)
I have flipped two houses and will do it again. The last one put 180K in my pocket; tax free!! If you are handy and can do most of the work yourself, you can make more but your time is worth something. I personally enjoy the work so it is no big deal for me.
Big pay backs are from renovating kitchens and baths. Paint, ceramic tile, wood floors, etc. are all do it yourself projects. Light fixtures are a quick, easy upgrade.
By the way, both houses I purchased were on the market for over 18 months. No one could see past the green shag carpet and avacado appliances.
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1986 3.2 Carrera
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