I have finally finished the rehab on my first investment property ever and thought this was interesting: When we varnished the floors, we didn't close the blinds backing out of a couple rooms and, well, couldn't walk back to close them because it takes a couple days to dry out.

I have noticed in my market that inventory of REO has really dried up.

If you're in a dry area, you should assume they are not available.

About a month ago, the grandmother had flooded the toliet to caused dry wall damage downstairs, but my heart softened up a little when they brought in a contractor to fix the damage which the grandmother paid.

My company has in excess of ten tenants and we were instructed to purchase a real estate software.

Houses need light clean up, some minor dry wall repair, and paint. $ $ $ off security deposit if you do minor clean up-repairs !

If you are gonna flip it, you might not be concerned with the "lifetime warranty" of the repair, if offered, but if you are going to hold it for more than one season (wet season to dry season or vs/vs) you will want that lifetime warranty so you can call them back to shim up the foundation because it WILL move again.....and again and again -you get the point.

My goal is to use the HELOC for 2 years and then do a cash-out-refinance.If I go this route, then my 2nd property will cash-flow $550/month ($6,600/year) if the prime rate stays the same.So, here is my question: What should I do with this excess cash-flow?

Once he sets up his cash flow he can work with the excess to develop some strong RE strategies.

From personal experience as an out of state investor, I'd say investing in cheaper properties ($50k>), and getting rents in excess of $900/month in undesirable neighborhoods, does not reap the rewards that initially look great on paper.