How old are the various components on the house, what are their remaining functional life span, and figure out the costs for them.

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

They are one of the main components in the changes we see in the housing industry, and will continue to be for years to come.

You don't want to live in the flip project for too long (too long is defined by your market).  

Youd do well to pick a geographical market that you are working (your "farm") and systematically driving the communities and get to know every street by driving in your car first, noting where the problem activities are, etc.Then define what a "deal" would need to be for another buyer or for you to use your money and keep.

In the short term, we are currently in the process of defining our goals, educating ourselves, developing our team, building reserves and learning how to analyze deals.  

We are definately neighbors!  

@Drew McLaren  there is some exponential component on larger loans as you state howeverhere is how I looked at it over the 30 years of loaning hard money.IF your in a foreclosure situation.. the value of your collateral is generally not what it was when you started the loan..

For good cash flow... look for bigger deals, with a value add component, in which you can afford to use on-site property management (at least 75 units)...

As used in this chapter, unless the context otherwise requires:(1) “Real estate broker” or “broker” means (A) any person, partnership, association, limited liability company or corporation which acts for another person or entity and for a fee, commission or other valuable consideration, lists for sale, sells, exchanges, buys or rents, or offers or attempts to negotiate a sale, exchange, purchase or rental of, an estate or interest in real estate, or a resale of a mobile manufactured home, as defined in subdivision (1) of section 21-64, or collects or offers or attempts to collect rent for the use of real estate, and (B) any person, partnership, association, limited liability company or corporation employed by or on behalf of the owner or owners of lots or other parcels of real estate, at a stated salary, upon commission, upon a salary and commission basis or otherwise to sell such real estate, or any parts thereof, in lots or other parcels, and who sells or exchanges, or offers, attempts or agrees to negotiate the sale or exchange of, any such lot or parcel of real estate;