Some of it was due to my inexperience, however the people I dealt with lacked transparency about what they offer/provide. 

I'm considering my inexperience also. for me not being concerned with vacancies to me seems to be the biggest plus  and   always having  access to the HELOC.

Indeed, I considered this and thought to offer 200k down, to clear the 150k mortgage and get him 50k, but with my inexperience, I don't know if when I market the deal, if 200k down for something like this is unattractive to investors. 

OK this post is more out of frustration of our local and I guess my inexperience (only a couple flips under my belt) than anything but I would like some help with the analysis..I got a tip from a friend that knows a couple that had a property in a nearby town that they intended to flip (but never finished).  

I am just starting the process of learning everything I can about investing so please excuse my inexperience.

My real target is 20%, but I'm assuming my inexperience alone will eat 5% of my profits.I'm going to do this part time and my original strategy is to simply start bidding on short sales and take my time to find a deal that way.

It sounds like Shane is bringing more to the deal in experience, finding the deal, network, etc.

and yes you can hire a VA for $5-$10/hr but what Michael didn't say, either from neglecting to point it out or from inexperience is you have to train that VA, which sucks if you have never done it. the logical thing he left out as well  and obviously didn't do the math is he said you can get a VA for $5-$10/hour.. well with REIV you pay $8.96/hr but get a whole team working around the clock and don't have to worry about doing time sheets, milestones, etc..and the $5-$10/hr he states would take a few of these VA's he is referring to, to get what the team at REIV does.Let's talk about the lists, my response since joining REIV is impressive.

Corey Reyment I wasn't implying fear set in your deal, I meant I've come across deals that actually made sense and I didn't jump further into it because fear took over and my emotion and inexperience made me lose that deal.

After your personnel finances are in good standings and you have the required funds to allow for you to purchase your first *great* deal you have set yourself up for success and you will find as you go along and as you learn more and more you will shake your head at some of the different ways people are making money off of the inexperience and sometime naïve investors.