Perhaps I misunderstand the situation.Find a rental property that you can actually afford.

Always fill out and sign some sort of contract or agreement so there is no misunderstanding what everybody's duties and performances should be.

Steve,Just in case there is a misunderstanding, my comment of do you work for free was not intended to be directed AT you, but a question to anyone asking the question you presented.

Jon, there was probably a misunderstanding of what you quated about not getting the property.Any junior (residential) lender wil lhave to payoff the first to protect their interests, the senior lender would not get the property they would be paidoff.Lenders and investors who do funding will often try to do things that they might see is beneficial to them to try to better secure their interests.

Happy Holiday'sI thought we just did, but perhaps I am misunderstanding your comment. ??

We're going to get him on the phone and make sure this isn't a simple misunderstanding, otherwise this guy is not getting paid.

Maybe I am misunderstanding your calculations and what all you include in your "rehab" costs but if you bought at 695k put 150k in and sold at 900k with realtor at 6% commission you would net 1,000.00 and you haven't thrown in any closing costs, Taxes, insurance, utilities or any other associated holding and closing costs.480K would be more like it if you didn't have to sit on it and wait for it to sell and could actually sell at 900K.

I've had way too many issues with "agreeing" to something without having it in writing, only to have someone "misunderstand" or "forget" or claim we never said that.Thanks, James!

You have $80K of debt.Maybe I'm misunderstanding what's going on here.It sounds like the seller is feeding you all this information.

About misunderstandings arise regularly.