Leveraging Jason's local market expertise, we secured the property for $62,000.

@Ryan BiankowskiYou absolutely can.Research your market, come up with a flip strategy (what type of house you will want to purchase, how you plan on finding this property, what area you want to purchase, how you will come up with financing), find the property that fits this strategy, secure the financing, and close on the deal.

Password Sheet - I create a password sheet for each entityApartments.com - For rent collectionZDeposit - To escrow security deposits.

Since my first post, I have been able to secure another listing to co-host which is a 3bed 2 bath and I am curious to see what your thoughts are. 

@Daniel Grimsley sounds like you have a Class C tenant.They are probably planning on saving the rent they owe you to use to move and pay first month's rent + security deposit on a new home.Why didn't you start the eviction process when they didn't pay May rent?

The seller may place the 20% in escrow, secured via a promissory note, and then record the second mortgage later.

Purchase price: $310,000 Cash invested: $350,000 This was a full rehab 6 unit multifamily building.Our firm did everything from locating and acquiring the project, to managing construction, and then finished up by leasing out all 6 units for a premium rent.We used a construction loan to secure the property and do the rehab. 12 month term which we were able to do construction and lease out all units before taking out the original loan with a permanent commercial loan.

Many of us in Illinois hear quite a bit about how easily you can get sued as a landlord related to security deposit handling, thus many shifting to a non-refundable move in fee instead. 

@Diego A.When people say "syndication" in context of real estate, they really mean filing the necessary paperwork with the SEC to sell securities.

So...even when not utilized, securing a vacation rental permit, while still an option, is an excellent and worthwhile struggle and investment.