As @Mike Dymski said "You can be the pilot or the passenger...both have their merits" or more precisely in my opinion: Be the coach - not the quarterback.

Be precise on here or else opinions could fly all over the place.

A more precise way to describe it might be an "asset backed loan", but there are other terms as well.You (personally) would not have any equity in the property until you put the downpayment.As @Jay Hinrichs mentions, you should probably expect to put as a downpayment approximately 25% - 30% of the purchase price (i.e. the financial institution/backer would lend you 70%-75% of the appraised value), which based on the the numbers you mention, would mean that you would need to come up +/- $650,000 as the downpayment.  

These were created to protect the consumer - why - precisely because you do not have operational control.Having said this, the letter you received says "...unfortunately we have to evict YOUR tenant", meaning that now they are clearly drawing the line that even though they wouldn't let your input as it relates to tenant screening, they clearly consider the tenant YOUR problem.

To be more precise or very obvious one could even make the figures for the 2 payments not the same: say total rent is $1050.

They seem to do a good job, and are very precise and knowledgable. http://www.bfllc.net/

;-)We pull lots of credit histories w/o a SIN number ... the applicant has to be far more precise in providing their past residential addresses (for 3 - 5 years); full legal name, and birth date if you are going to find their record.  

Some thoughts:Flipping is about knowing your market to resell fast and valueing - comping precisely. 

Could also be used for more precise comps. 

YOU don't have to precisely work out holding costs.