And that's how I would suggest to examine this type of a property. 

And if you disagree then hedge your bets with cash flow.

. $40,000 fully renovated properties in B class neighborhoods with solid property management After talking with them I think I disagreed on their definition of"Fully Renovated""B Class" "Solid Property Management"I mean I'm only in one market, and Pittsburgh is pretty affordable, but I know what that buys you in Pittsburgh. . . . and I can't imagine $40,000 goes EXPONENTIALLY further in other markets.

I disagree with you about it being a bad investment.

The person that finishes a 3 hour exam in under an hour probably will return another day to take retake the exam.The BP community is cheering you on, and you must cheer for yourself too.  

I've got a halfway decent spreadsheet I've built that examines both scenarios, but I feel like I could use a sanity check (or better yet - someone else's spreadsheet that factors in everything already!).  

I disagree that collecting the rent makes me liable for taxes -at least not yet. 

They don't like people profiting and not getting their share.Man I have to totally disagree with you.. you think this is a money grab.. 

I am sure we will find something to disagree on, given how often you are wrong haha.

most likely you can make commerical purpose loans with your own money with out a license.. what you cannot do is any type of owner occ loan.I disagree with you needing to start a company and webstie and all of that.. you will find all the borrowers you need at the REIA meetings... no amount of training can suppliment actual experince.. most folks looking to borrow from someone like you ( private lender) is looking for cheaper money that the local HML charges.. so do some rate shopping and see what your local HML are charging.. in some states its not legal to take points on the loans only the interest.. again check the laws either read your state statues or talk with a good attorney.. there is a lot that can go wrong with rehab loans and you as the lender are the one that will be taking most of the risk.