So treat the fully occupied thing as a bonus, definately don't count on it.There was one other thing I was looking at incorrectly when I was property hunting back then.

That being said, I think your logic is incorrect if he is a brand new investor.

;)It does, because if he's making offers incorrectly, they'll all get ignored...

Thanks Bill...Though the reason I lost you was that I was absolutely, completely incorrect in what I said...and I apologize for the bad info...I misinterpreted how my CPA did my taxes on a bunch of seller financed mobile homes last year (which can't be sold as an installment sale), and that led me to making the very incorrect statement about getting fully taxed in the year of the sale.Again, sorry about the bad info and thanks for the correction!

I'm incorrect.

LMAO and spilling my beer in the process.An edit to this definition:"Appraiser - A professionally licensed individual with a tape measure, clip board, and camera who spends hours compiling a 30 page report telling you something you already know" AND then getting the value incorrect after they were given the market value by the able and willing buyer.

Don't feel bad about failing the first time.Some of the best brokers/agents I know failed the first time.When I went and took the test in 2004 the class was multiple choice in GA.I passed that one and then went on to the state test.In class most of the questions are on the state level but then the state test has national questions as well.So I would go to Barnes and Noble and read the AMP(applied measurement professional) book on national questions and it really helped.In my state we have online and in class.In class is usually better as the instructor can explain answers and concepts plus previous students tell what kinds of questions were on their tests as the questions always change.Here is how I take multiple choice tests.Go through the questions one by one and answer the ones I am only 100% sure about.Then go back and start reviewing the other questions.You will now notice that by answering the first questions you knew you have no eliminated some of the choices of other questions.So If I had it between A,and B and B was eliminated from another answer I knew the question to I know A is the answer.Then lastly I would get down to a few instead of A,B,C,D and choosing one and having a 25% chance I have gotten it down to C,D and now have a 50% chance of getting it right.Doing it this way I went through the test 2 to 3 times and only ended up making an educated guess on a few.You don't want to spend too much time on one question as you will get flustered and every answer will start running together.There were people going to the agent state test that had failed 2 to 3 times already on the state test.I passed the first time since it was multiple choice.In my state when I took the brokers test years later it was MUCH harder.With my luck the brokers test used to be just multiple choice like the state with a few questions added.The year I took it they had just changed it completely.Now it was a complex modeling test.You had read long paragraphs of situations and you had 4 choices.There was not an correct and incorrect choice.Instead there were weighted choices.So you would have ones answer being the worst is -2 to the best +2 and in some questions you problem would have 4 parts to it each with 4 choices before moving to the next.Had really crazy crap in there you would never encounter.I prayed the whole time I passed that one.They didn't give you a score just a pass or fail and I passed.That was one of the hardest test I had taken as it was all judgement based on being the head broker.

It would be B if you calculated your profit as percentage of the final selling price, but that's incorrect way to calculate the profit.

Most agents are pretty stupid and fill out the contract incorrectly.

Regarding the "management" company... yes that is exactly how we have done it at the suggestion of our CPA.We even have the "management" company act on behalf of each "ownership" LLC (in your case trust) to find, negotiate, secure financing, renovate and the either rent or sell for the LLC.There are some quirks regarding how the income/expenses and the balance sheet is handled but we let him take care of those for us.