I would never try to discourage a young person not to jump in and just go for it.But having a 3 month window on a flip might just be a little unrealistic.Too many unknowns and things would just have to be perfect.Maybe in those 3 months you can study and get a Real Estate agents license $3500 would more than cover it.

I'm just getting into property management as my mortgage business has started to slow down over the last couple of months.For those of you in property management (or even landlording), how much cash reserves do you expect your owners to keep in the bank account for unknown expenses?

Lots of examples of terms misused, no idea how many mortgages have been assumed in a Sub-to keeping the transaction unknown by the lender and speaking of mortgage, how many think it's the lender who makes the loan.

I too was worried about buying in an unknown area and I ended up buying in Ohio...I've NEVER been to Ohio!

This would suggest that Chase attempted to complete a foreclosure that was thwarted so some (unknown to us) reason. 

Obtaining copies of the application and background checks may require the tenants consent - here in Canada, it would be a violation of federal privacy law for the Vendor to simply had them over.One thing Kevin omitted, and why you need the leases before the end of your diligence period, is to prepare an estoppel certificate for each tenant using the information obtained from the lease, then meet with the tenant to affirm the information and to discover any other material facts (i.e. side agreements, pets unknown to Vendor, etc) and have the tenant sign the estoppel.  

Clay check for your area if you need to put something in the eviction filing "and all others" so that any known and unknown people not on the lease will be evicted.

Your predictions for Denver are unknown to me so that is why I asked.thanks,Matt

If the unknown offers up huge non-refundable then that might sway me if the other doesn't match me.

At the end of the day we did not move forward because of all the possible unknown fixes needed.The ninth one also had bad basement issues that were uncovered.