I am at a stage now in the development of this business where I am trying to make sure I am following all the federal and state (Wisconsin) regulations of wholesaling real estate.My question to the community would be, what are some free and/or very inexpensive legal resources that understand this type of real estate business.

The quick and dirty 50% rule would say that with $1900 per month coming in, $850 would go out in expenses, leaving $850 for the mortgage.

Even though I am a real estate investor and love real estate investors, there are sharks out there: lenders, borrowers and "investors"I think your area has inexpensive housing stock.

There are many out there that would pay 7-8% for that kind of money (over a shorter time frame).

Because they might bring fakes or altered documents; computer software these days is inexpensive enough to make this more feasible for anybody to do.

Thanks Ronnie, any recommendation on Transactional funding referrals that work in such a small time frame notification?

I would be interested in how many REI students make their money back and in what time frame.

or should I take those last few dollars and hire an inexpensive skip trace service to locate the owner(s) of some of those abandoned properties?

If I don't like the situation or smell something is up I always drag out the application process telling folks I am continuing to accept lots of applications and will make the best decision at some point in the future with no time frame given.

Kenneth I think he's saying that the rents are $1100/unit, so it would gross $4400 (~3800 since it's owner occupied with room mate),50% rule would leave him with 2200 in expenses which means he'd be losing3800-2200-2579.15= -979 all included (hopefully).At least that's my newbie analysis.