You didn't include management expense for your post move out numbers so just be careful there.I'd definitely plug this into the BP Calculator just to make sure you understand your cash outlay over the next few years and the major mechanicals and structure are in good shape!

Rough start as we got into a business we literally had read nothing about, knew nothing about, but understood its mechanics, or so we thought.

Utilities costs (Gas, Electric, Water) for the past 6 monthsThis part of your motivated seller questionnaire gives you the information with which you'll be able to decide whether the property needs a short sale, whether seller financing is an option, and how to structure a deal or an offer that can work for both you and the homeowner.You'll also need this information to properly market the house to your investment property buyers.If you're a new real estate investor, I hope you arm yourself with the information on this page to work out win-win-win solutions for your sellers, your buyers and yourself.Motivated Seller Questionnaire Red FlagsThe power of the motivated seller questionnaire is that it helps guide your interview process, and gives you a framework to make the screening as conversational as possible (In other words, it's a script, without the mechanical sounding words and phrases).It helps you in the 4 following ways: Avoid Outright deception by prospective property sellers Properly screen your inbound leads for seller motivation Helps screen out irritable, irrational, potentially psychotic people you should never, ever deal with Helps you build rapport with target ideal candidates Supplies information to help structure your dealsAvoiding Outright Deception I've had a property owner tell me "..All the house needs is less than $5,000 dollars in repairs, and it's ready..." on a house that clearly needed so much work ($35,000 to $40,000 dollars) that no buyer or agent had ever called him back.Better Motivated seller screening Being a successful real estate wholesaler is a matter of alignment.

It is very important to know all major mechanical are up to code.

I believe we put in new mechanicals as well.

Fully remodeled all new mechanicals.

These things are for example a owner/borrower claiming “wrongful” foreclosure; the borrower having file a bankruptcy that the parties missed; a potential claim for work performed on the property but unpaid (mechanics) lien; work paid for but for which the contractor did not pay his laborers ( workman’s lien) and any other basis a fee hungry attorney can think of to file a lawsuit.  

@Daniel WhitmoreBesides Jim's great advice, I would also recommend you possess a certain mechanical aptitude and interest before making a career change into trades.

It was also our toughest property to operate due to the buildings mechanical systems and rough neighborhood.

I wish you would have predicted this in 07 though and I wish I would have listened :).. this summer as I stated my personal opinion is we are seeing consumers push back on price increases in many markets ( Dallas for one).. so I think this run-up of appreciation is about to an end.. but I don't think it pendulum's to a free fall in prices... the mechanics that caused the great GFC and last melt down are not in play currently.