I've chosen to use private funding for my first property.

However, carefully chosen and negotiated, you will be obtaining a reasonably steady cash flow with limited downside.

Ask them to evaluate your goals and their opinion of the plan you have chosen. - Or ask their thoughts of what your plan should be that would fit your means and goals for that time.3.

You could even sell it later with owner financing or lease option... but if it looks like a gamble (you have no solid numbers and you are just hoping that it'll work out) - don't even touch it with a three foot pole and stay away.What are the "mixed units" ?

That way, you could have chosen not to buy when the market went down (or stalled).

I am not talkin just the college students, I am talkin learning as much as you can about your chosen business.

Most rehab investors are looking for deals that have a price tag of 75%, less repair costs of the exit value and for you to add in your fee, you would need to negotiate the prie even lower.REO's are much more difficult to wholesale because of the restrictions and as a beginner, you have chosen the most difficult route.

Max, I am not from Detroit, so I would have to find a property manager to take care of it.I was just thinking of buying a couple as a gamble more than anything else.

It seems like a huge gamble to 'part it out' unless that's your expertise.

The gamble is up to you, but in reality, you are selling the house without a warranty any way, most likely.If it is a small job, like a deck...I charge for the materials up front, with a rough in draw (about 50% of the balance) and balance sue after final inspection.