I suppose there is a reason agents are doing it but I cannot see this as a profitable endeavor...I believe that Realtors who sign with Realtor.com leads pay a percentage of their commission to Realtor.com if they successfully close the deal - something between 20 - 40%.  

Discuss COC return, run a financial analysis for him and a performance chart showing the ROR after multiple properties have been acquired and cashed-out... good luck.

We've had success in all 4 of these markets, so really depends what you're trying to accomplish and how much money you have to play with.

He went upstairs and now the cold was in the main room, and the lights started to flicker again, and the door upstairs slammed twice, three times in quick succession.

Have you performed an amortization analysis to see when your net earnings after depreciation starts to become positive?

Nick moved here from California and has built a successful Real Estate business. 

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

You need to be looking for "motivated sellers".These 2 things are not the same and one ABSOLUTELY does NOT imply the other.Understand the difference and you will be far more successful, becoming successful!

Now that you've had some success it is a good idea to clean up the structure of the business and continue forward on your chosen path.

Hope everyone is still reaping success!