You would learn a lot following the red paperclip program, and if you have time and motivation you could maybe trade your way up to a nice car.

But there's no reason you can't begin by flipping undervalued beaters you can purchase with cash, avoiding the expense, paperwork, credit report hit, and commitment of a loan. The prospect of an envelope full of cash has a considerable motivating effect on sellers; imagine how you would react to someone who wants to check out your car but will have to arrange a loan before making an offer.

Some other thoughts come to mind:

· Write a simple bill of sale, showing the date, vehicle description with VIN, mileage and price. Print two copies, one for each side. I have never needed these later, but they make a good record.

· It might be different in your jurisdiction, but here you can figure out how much the seller paid for a car if the title shows the sales tax paid.

· Don't buy a car you can't make legal. This probably means avoiding cars with a salvage title.

· Don't buy a car you wouldn't be willing to drive yourself in case your interest in flipping fades.

· If you plan to resell, shop for the mass market. Alas, this means an automatic transmission and A/C are essential.

· There may be a limit to the number of buys and sells you can legally do per year without a dealer's license. I figure if you are well under this limit, you are a hobbyist and do not need to declare profits as income, nor should you deduct losses or expenses. Apparently when you say things like this online you must also say this is not legal advice and I am a random idiot and you must consult a tax lawyer within 24 hours.

· Be on the lookout for opportunities. Ask people at gas stations if they are thinking about selling. Be ready to take promising chances that won't ruin you if they don't work out.

· Update Pubski on progress.