Why some investors "accept" a 10-12% interest rate over a profit split is because there is less risk, especially here in SoCal where profits can be quite slim right now.

I think this is slim, but I'm hoping my numbers are a bit too conservative.

OHIO FLA  OREGON are tough states for this.. some states do not care just depends on where your at.I think the bigger issue for the OP is his area of DC is red HOT and the REALITY of getting someone to sell someone a home that does not have POF and bank letters etc is going to be slim and none.. you need to work the rough areas  of DC to make that happen.. those are where wholesaling works best or in any low value asset market that is not covered by the real estate community becasue the value of the assets are so low commission income is not worth their time.. thats not to say you can't stumble into a deal you can.. but those that do wholesaling and actually make money when you talk to them they are spending 5 to 10k a month on marketing.. and you need to risk that for the first year with no guarantee your going to close anything.. would you do that would U pop out 5 to 10k a month on the come?.

The 15yr, yielding $150 a month is slim for maintenance.

My options were slim as some banks didn't want to do the deal because of sellers tax returns on the property and vacancy.

And starting out its going to be slim pickens due to lack of network but you have to push through this rough part. 

We have slim margins but buy newer homes in great areas.Let me know if I can help.

Adrian Jones You are responsible to put the house back to code unless the city will say that it is grandfathered, yours is a great example: a non-habitable space converted into a habitable space that has no permit means that you are responsible to convert that back or get the permit for it, meaning prove to the city bldg and safety that the space is safe to live in, remember that everything is tied to a code, there is slim to none chance of that having approved but the possibility of approval is there.

The deal is:$93k purchase$25k rehabCan sell fast for $130kPrivate lender gets 25% of netI know it's pretty slim but I'm just trying to do what I can to build some capital and eventually my rental portfolio.

I know they reject about 95% of the funding requests so looks like the chances of newbie are pretty slim.