Looking to build a well rounded team that is strong and knowledgeable. 

If you have access to $30k homes, can afford the costs of renovation and the costs of the resale while remaining profitable you're only a "friends and family round" away from being in business.This is a sum of money that banks are just not going to write short term debt on without excellent credit and collateral.

I'd try to get a well rounded market that has positive rental cash flow as well as potential appreciation rather than a pure cashflow play (like Columbus) or a pure appreciation play (like LA).

I am in the first round of negotiations and the owner has asked for "bonded assurance that the tax credit requirements" be honored so he doesn't have a tax issue in the future.Do any of you have any expertise in this area?

I am rounding my mortgage costs up for easy calculation and my owner expenses (percentages) are pretty conservative Purchase Price: $215,000Gross Rents: $2,400 ($1,200 per unit)_________________________________________________________________________________-Mortgage Costs-Principle: $1000Interest: 3.5% ( I may do a rate & term refi for a 3.2% interest rate)Taxes: $210Insurance: $140 (Lowest quote thus far)Appox.Total: $1350/month_________________________________________________________________________________-Owner Expenses-Utilities: $0/Minimal (water and electric separate)Prop.

As far as the number - we knew we wanted to price it around $1250, but one thing that I've noticed about Zillow (where most of our leads came from), is that on the map view the prices over $1k are rounded to the nearest hundred (so $1250 would be shown as $1.3k whereas $1249 would be shown as $1.2k on searches).

I have been told to be a well rounded individual within the real estate market.

Hi @Joe Fairless - two of the biggest mistakes/problems I see are (1) not recognizing that when you bring in investors and give them a percentage of an LLC that is actually a "security" and there are laws that need to be complied with in issuing the security, and (2) not addressing capital call provisions (or other financing options) in the event the venture runs short of capital after the initial round of investment. 

Do they show a lot of hand holding, or they do they expect you to get out in the field and round up business?

I rounded up the bill so lunch is on me."