While I am capable of holding onto a property like this, I fear for the newbies who have very real risks of not being able to hold onto the property long enough to get out from underwater.Because the buyer of this property is likely to be inexperienced and not know or think through all of the items discussed here, this strategy may put you in a ridiculous position of power for at least the next decade over the buyer. 

@Russell Payne I am a newbie and my strategy is to do both to diversify.

I asked how he wanted to structure late fees since there was no language in the contract about that (newbie mistake big time!!).

I helped 8 investors get started last year and two newbies this year.  

However it will take time for this information to spread to everyone… I hope the counties don’t fleece newbie investors too badly this year.

REI newbie here.

Would love to connect directly after the holiday if you’re up for dealing with a newbie here on BP

Quote from @Bruce Woodruff: @Mark Cruse is right again (as usual, knock it off Mark) and maybe this thread was a great learning experience for newbies and veterans alike. 

Even if you borrowed $130,000 which is more than you need at 13% which is what BRRRR lenders would charge a newbie, that is a monthly payment of about $1,450 and you would probably pay 3 points up front which would be about $4,000.

Thanks for any advice you can provide to this newbie.