although these folks are right in saying what they are saying, your experience in flipping cars is a bonus and will help you in this business.

Was amused to see your instructor of a "Financial Planning" class take such a view of the Interest Only Option since it is a financial "tool" that can be useful to some people and should in fact be considered by some individuals to accomplish their "financial planning" goals.A few of the valid reasons why one might choose an interest only loan would be: 1) for an individual that has uneven income such as commission based or one that receives occasional large "bonus" checks that could be used to pay down principal.2) For one that is confident they will be making significantly more income in the future 3) One that truely has a plan to invest the savings in something that offers a higher return than would be realized in paying principal on a mortgage 4) possible tax benefits to one that needs the highest interest deduction to reduce their tax liabilityAlso, most interest only loans "recast" each month, meaning you only pay interest on the AMOUNT YOU OWE.

It is against the law to pay commission to someone without a liscence Why don't you ask your parents to give you a bonus if you find a sucessful buyer for the property?

Any tax advantages become a bonus and even if your just getting $20-30 a month extra it will pay for the occasional leaky faucet or other minor repair.

On some properties like Freddie Mac right now if you use a registered agent you can get a 1000.00 bonus towards closing costs.

I usually file my taxes early and I am fortunite enough to get a Chistmas bonus at work but that money was ending up in utilities.

Its free too..always a bonus.

If you can afford then I would include a bonus of say $1,000 or $500 dollars if he finishes the work ahead of schedule.

As far as I'm concerned, positive cashflow is the price of admission for a long-term buy & hold and appreciation is a bonus.

The numbers i had were assuming replacement of the roof so I guess I was shrugging it off because I was assuming it needed to be replaced but it would be a bonus if it didn't.