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It sounds good, but just be clear that what you are doing is speculation... not far from gambling

True, like any investment. It just depends on the odds. And hey, Nevada does have legalized gambling. :)

As for the extended loan coverage, I plan on flipping in a year and saving the profits until the market dives and find some longer term cash flow positive deals.

I figure the fact the units are already 20k under market value (according to similar homes), gives me a little comfort. By the way, total closing costs to get in and out (without a realtor) are 12k. This includes setting up the trust & LLC.
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