This is where a good partner can come in handy.This is definitely a simplified version and I may have missed out on a few things.

Yes, it should line things up and simplify the process for you.

I don't have time to check with a lawyer on this.Any wholesalers in VA that have successfully used a simplified contract form that they would be willing to share?

Hi Tom,With the disclaimer of speak to your accountant, to really simplify your first questions, anything that you can not directly deduct as an expense against income in the year that it is earned and must be 'depreciated' over time is CapEx.

I will simplify it some...you have to include principle reduction in your calculation of return...cash flow is only part of the equation.  

I've found there are "Simplified" Probate procedures (http://www.scscourt.org/self_help/probate/property/probate_simplified.shtml#z4), and the section/form "Affidavit Re: Real Property of Small Value ($20,000 or Less)" seems like the right choice. 

<<<--- that is backwards, IMO.The best way I can think of to simplify the concept is to add the word advantage in the middle.  

(Or actively managed, can't remember what I read.)I realize this is an over-simplified example, but I just want to make sure I have a handle on how the numbers will work in real life.

Sometimes PM can order the utilities and pay the bills from the rent proceeds with out involving the custodian, which would simplify your situation. 

Here are some things that I've found that really simplify the management of the properties.  1) Maintenance.