I work primarily with investors and flippers doing this type of thing. There are lots of rules, and regulations for construction including permitting. It's important to understand all aspects of the real estate industry and also instead of blindly remodeling to flip, improving critical parts of the home that adds maximum value. refinishing floors, new kitchens, and walk in showers and upgraded bathrooms are a must.
We work with good contractors as well. Please feel free to ask me any questions or to purchase property. I have many off market investment homes that have huge upside to flip.
Keller Williams Realty Beverly Hills
Direct Cell- 3214827393
A couple of things to remember (from one who has been through it)
1. you will probably do more work, then you planned in the beginning
2. It will cost more then you expected
3. It will take longer then you thought.
If you don't know where to start, you shouldn't be doing this by yourself. Get a contractor and they will deal with the steps and explain everything.
Until then, get pre-approved for a mortgage. Find a great agent to help you find the house. Make an offer and get it accepted. Get the house professionally inspected, inside, outside and upside down. Leave no stone unturned. If acceptable, complete the purchase.
Dream up what you hope to accomplish with the house. Draw some pictures, find similar designs and plans. Bring your contractor into the picture to view the home, review your goals and set up a plan and a budget. Change your plans because you're exceeding your budget (in most cases) Get your contractor started on the revised, scaled down plans. Plan for surprises and going for over budget, it almost always happens. Anticipate relational stress with anyone you're dealing with as you are frustrated with how long it takes and how much it costs.
I could go on, but this generally summarizes most people with similar plans. Best of luck, let us know how things turn out.