“The trick it seems is getting it flipped before the first note comes due.”
The trick is in having the legal staff of TLC or the production company behind you to get bureaucrats to push through all the attendant paperwork, inspections, variances etc. before that note is due.
Well I know Trademark has been doing this for many years before the shows came along. I’m sure not every single purchase ends of being a successful “flip” but it looks like he knows the formula.