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No. of Recommendations: 4
As far as the credit card companies go, it seems the worst they could do is start a civil action to recover the debt, but considering their ridiculously low “minimum payment” amounts it seems to me that I could delay this for a very long time (but get killed on the exorbitant interest, I realize).

Quite the game you are looking to play, one fraught, IMO, with many dangers. To start with, are you aware that starting IIRC in 1/06 credit card issuers have to make their minimum payment calculations much more stringent? There is quite a bit of debate on this worsening the real estate "bubble" when people looking to continue the cycle of pulling cash out of their homes to pay off their credit cards will find they are no longer able to do so AND stuck with higher payments, causing their need to sell at any price.

Renovating structures is not for the weak of budget. Unless you are talking pure cosmetics, each layer of renovation peeled back tends to magnify the job that needs doing. For instance, when you rip out a wall that needs to go, what are you going to find behind it? Rotting timbers? Knob and tube wiring? Leaking pipes? For this, you want a buffer of cash, not another credit card to whip out.

You have some strong ambitions, not bad in and of itself. Throw a little temperance in there and some day you will be successful. Meanwhile, save up some money and learn your market so that you'll be ready to pounce when you recognize a bargain. Depending on your location, I wouldn't count on the next year or two being wonderful ones to be flipping properties. For the most part, that party has moved on.

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