But willfully taking advantage of those less sophisticated is unethical in my book.As to my credibility in your eyes: Don't care.

Selling the property without a 1031 Exchange and taking the tax hit now.There are other more sophisticated/complex strategies available, but need to be discussed with legal and tax advisors to determine level of tax risk (if audited) and suitability for the investor.

The thing to remember is that we BP'ers come from all areas of the country, all levels of education, sophistication and success.

There may be more sophisticated systems that I'm not aware of, but these work fine.

Your investors need to be accredited or sophisticated, you need to be careful about advertisement and you need to follow the correct guidelines. 

I'm sure he, along with a room full of attorneys and sophisticated buyers pulled off that deal just fine.

Plus you have to compete with all the other buyers in the market, whereas looking at the development model eliminates lots of (not all) competition from less sophisticated buyers.Now before everyone flames me, I am generalizing, you might find distressed assets that have nothing to do with market conditions.

At a minimum a book-keeping/accounting service should handle -* System set-up (Quickbooks is a fine solution for most)* Data entry/general journal log keeping* Month-end reconciliation* Quarterly report* Quarterly tax filing (Payroll, etc.)* Yearly tax returnsA full service accountant should also handle -* Accounts payable* Accounts receivable* Weekly/biweekly reporting* Project reportingOne of the biggest regrets I have is not having gotten a good book keeper earlier in my business.

If you are a sophisticated investor and know how to perform your own due diligence, independent of this "wholesaler" and his anecdotal statements,then maybe you can get closer to the truth.Now the truth may be that there is a great amount of title, financial and property improvement work to be completed.

Although we use some pretty sophisticated online application software, I recently bought some seven different books on the topic from Amazon for about $300.