If someone wants to get to what I call the Economic Independence point, where the cash flow is large enough to cover or exceed all monthly expenses, focusing on cash flow is good as long as the quality of the properties and the other criteria accompanying cash flow are still met.If on the other hand one is young enough and has a longer infesting career ahead so that the economic independence point is not the main driver, the equity you are pointing out can be used after a while by applying HELOC to keep growing the portfolio without losing the high-quality asset.In some ways, there are investments in real estate approaches that are more complex.

If I don't deliver on time and on budget I don't earn what I feel my time is worth.

Right now I'd say the biggest risk is in execution, i.e. will the sponsor deliver the rehab and sale/refi in the time they say they will.  

Driver around all the streets and look for vacant houses.

The buyer would have to sign and deliver acceptance to the seller.  

Nothing would be worse then when you finally find a good deal and you can't deliver for the seller.

If you feel like getting creative, I would love to trade some labor (drive for dollars, fill out/deliver marketing materials, clean and landscape, any other chores you'd rather someone else handle) for reduced rent.Thanks everyone, looking forward to getting out and getting involved.Ryan

Here are the duties that can be performed according to the FREC:Permissible Activities of an Unlicensed AssistantUnlicensed assistant is defined as support stafffor a real estate corporation or other licensed individuals.Answer the phone and forward callsFill out and submit listings and changes to any multiple listing serviceFollow-up on loan commitments after a contract has been negotiated and generally secure the status reports on the loan progressAssemble documents for closingSecure documents (public information) from courthouse, utility district, etc.Have keys made for company listings, order surveys, termite inspections, home inspections and home warranties with the.licensed employer's approvalWrite ads for approval of the licensee and the supervising broker, and place advertising (newspaper ads, update web sites, etc); prepare flyers and promotionalinformation for approval by licensee and the supervising brokerReceive, record and deposit earnest money, security deposits and advance rentsOnly type the contract forms for approval by licensee and supervising brokerMonitor licenses and personnel filesCompute commission checksPlace signs on propertyOrder items of repair as directed by licenseePrepare flyers and promotional information for approval by licensee and supervising brokerAct as a courier service to deliver documents, pick-up keysPlace routine telephone calls on late rent paymentsSchedule appointments for licensee to show a listed propertyBe at an open house for: o Security pulposeso Hand out materials (brochures)Answer questions conceming a listing from which the answer must be obtained from the licensed employer-approved printed information and is objective innature (not subjective comments)Gather information for a Comparative Market AnalysisGather information for an appraisalHand out objective, written infonnation on a listing or rental

Driver around all the streets and look for vacant houses.

Driver around all the streets and look for vacant houses.