I'm expecting things to move quickly now, based on how my NW contact described how this contractor works.Why TampaI had previous purchased a turnkey rental in the Tampa metro so I was more comfortable with investing where I have at least some small connections.

A Payment Schedule should outline Payment Milestones, Amounts & Terms which describe the work that needs to be completed in order for the Contractor to get paid, how much the Contractor gets paid, and when the Contractor gets paid.Form W-9You will need to get a W-9 from the Contractor so you have the Contractor's Name, Address & Taxpayer Identification number which will be used for preparing Vendor 1099s for your Contractors at tax time.Proof of InsuranceBefore hiring a Contractor you need to make sure that the Contractor is carrying the proper insurance to protect your property, investments & personal assets.

I've stopped using it in general.I used to describe a property's immediate area as a "quiet, tree-lined street."

Most lenders offering non-recourse loans to an IRA borrower will require significant cash reserves in the IRA for this very reason.Since you cannot add funds personally, the IRA may need to bring on a joint-venture partner or take a loan from someone who is not a disqualified party to cover a short term cash crisis as you describe.

What you are describing violates code most places.

Have 3 different general contractors walk through and give you estimates on what needs to be done, and what their price would be then make an educated decision based on the numbers.Also, if the is how youre describing it you can work that price down closer to 120.Good luck!

Turn key companies are just home flippers who happen to deal in rentals instead of building homes for home owners or doing retail flips.if we used the logic described here then anyone buying an older home putting their own money and risk into rehabbing it to retail standards and wanting to sell it and make a decent profit 20 to 50k or more.. those folks would be doing the same driving up prices on the poor locals.or take my business of building new homes .. that sell for 450 to 2 mil plus.. anyone can buy their own lot and build themselves and save the profit i am making but they dont.. dont have the skill or ability.  

I own a 5-plex in a small town in East Central Nebraska, and have actually had people who say they were appraisers from my bank (they weren't) go into the building and try to talk to tenants about the kind of info you were describing as well as looking to get my number. 

@Paul Callaway You can do any of the scenarios you described in the last sentence.

I like RE because I can fix stuff with my hands, but if an RE investor doesn’t bring a special set of skills to the table such as being able to source discounted properties, force appreciation through sweat equity, consistently making deals like the one you described in your other post, etc., they may be better off focusing on their day job and loading up on dividend stocks. $500/month cash flow and $70k profit on a single subject to deal is not the norm.