An investor friendly agent can do all sorts of helpful things, like setting you up with a search for properties or connecting you with folks who have recently done deals like the ones you want to do. 6) Consider analyzing a deal or two in your local market, just for practice, with a free use of our Rental Property Calculator (or other calculators).

He runs a best practice group for property managers in Chicago, and he is one of the best-connected guys in the area.

I’ve heard of folks borrowing from their personal network for a down payment, but is this actually used in practice?

They practice in Tax Court.That's not an "accountant. ;-)But frankly, his time is too valuable to argue with you and he isn't going to defend his expertise.

Operational Efficiency: What are the most effective operational practices you've implemented that have streamlined operations and reduced overhead costs?

In practice it just means not nominal consideration (what they used to refer to as a "peppercorn" consideration) but something real.  

The wholesalers wasting time is standard practice.

I find it interesting that nobody really crunches the actuall numbers in Real Estate which I think is part of the cognitive dissonence we practice in order to make our investments look a little better.No 1031:Purchase: 120k, Sold 330k = 210k in just equityGross Rent: 220k - 60k expenses - 15k taxes = 145k <-- actual rental income$210k (equity) + 145k (rent) = 355k i.e. 355k -30k(closing) -50k(taxes) -25k(renovation) -14,500(recapture) = $245k=245k profit (including all rental income, tax deductions and appreciation.So if you had a mortgage, you would subtract the 145k in rental income and add 30k in principal.

I'm hoping to get some first hand experience on best practices to implement this succesfully.

Hello All,  Im looking for an alternative to the standard practice.