Because of illiquidity and the fact that it was in default and a foreclosure sale was scheduled, it was valued at $21K.

Hi Paola,If you are looking to buy another primary, looking to put the property into a LLC, may be changes in your income/job, looking for faster/smoother closing, DSCR could make more sense.

These softwares have a lot of functionality, but honestly there is a steep learning curve and the functionality is probably overkill for most rehabbers.FlipperForce - Web-based House Flipping Software built specifically for flipping & rehabbing houses w/ Estimating, Gantt Scheduling, Task Management & Budget ManagementGeneric Project Management SoftwaresThere are nearly an infinite amount of potential generic Project Management softwares available that provide powerful functionality for managing project schedules, tasks & documents. 

So he can do a crappy job and still get the funds.

Property is in Granite City, tenant lost his job, and has stopped responding to texts and emails. 

Awesome, great job!

I am not sure what type of real estate investing you're considering, but it sounds like, with your family and busy job, you won't have a lot of time to be hands-on or personally involved. 

Unless you go out and get clients, which is a job and a tough one, then don't waste your time and money like I did.I've since put it on hold

Because of illiquidity and the fact that it was in default and a foreclosure sale was scheduled, it was valued at $21K.

I like the idea of diversification of my investments and I love the strategy BAM has articulated: the focus on properties with below market rents in growing areas with jobs and good schools.