Before I looked at the deal, here's what I asked from him:The purchase and sale agreementRehab breakdown documentation2 HUD statements of previous dealsDeal info (Property profile, funding, security, repayment plan, etc.)Title company involved in the transactionWhat I also asked for was a term sheet from the hard money lender that was lending at first position.

(both loans assume 15yr fixed) That gives a positive cash flow of 350/mo. much better. 

In this transaction, the value added wasn’t through physical renovations but rather through quick market positioning and strategic timing.

Though we didn’t renovate, our strong market positioning, negotiation skills, and understanding of buyer demand allowed us to flip the property at double the purchase price within one day.

If you're buying a place turnkey you're unlikely to be able cash flow positive or even break even, especially if you're paying a manager (although management fees are the lowest in the country here due to all of the competition). 

However, I am in constant communication with banks and in this environment I more often hear banks take the position of we want to see a depository relationship of XYZ percent of the loan amount in order for us to lend you real estate funds rather than take the position of offering better terms than other borrowers because of your depository relationship.  

Building a strong financial foundation involves aiming for a credit score of 700+, educating yourself, building relationships with agents, lenders, and property managers, and analyzing properties with positive cash flow.

My ultimate goal is to transition into real estate investing, focusing on rental properties and possibly house hacking as my next step after wholesaling.Given my current position, I’d love to hear your thoughts and advice on where I should start.

Build a real estate network, evaluate potential properties, and use the 50% rule to ensure they cover your mortgage and leave positive cash flow.Good luck!

This creates a negative initial position.