Nonetheless, this may just be a necessary correction of course given the black swan event proceeding the GFC causing unrealistic unexpections. 

Too many variables can go wrong and I have found using these numbers helps ensure a good and successful flip even if something big and unexpected comes up, which almost always does.What is your main source of leads?

I am a more conservative investor, so I would budget 40% expenses which gives a buffer for unexpected issues and eases my mind :)

What news outlets do you guys recommend?

However, you seem to be the resident lender and moderator here on BP, so your comment is not unexpected.  

They take one look at your list "Replace outlet cover in back bedroom $40.00". 

A good operating agreement will discuss what happens if you both need to contribute more money to the business (what if in 3 years you need a new roof for your investment property, but the LLC does not have enough money in it to cover it); what happens if only one of your is able to contribute money to the LLC for an unexpected situation; what happens if you have a serious disagreement about the direction of your investment (what if one of you wants to sell the rental but the other wants keep it); what happens if one of your expectedly passes and the other is now partnered with the spouse or kids of your friend; etc.I know you would rather save the money (who wouldn't), but it is a deductible business expense and may save you a lot of headaches later.

If you need a referral for an incredible lender to pull equity out, let me know - I have just the guy (he's done about 4 of them in the past week in South Bay).

(e) Electrical lighting, outlets, wiring and electrical equipment which conformed to applicable law when installed and are maintained in good working order.

Hi all,I'm working through a situation in which my tenants unexpectedly moved out while they still owe 1.5 months rent ($2625).