But sometimes that just work on the other side, so I work hard to stick to a strict analysis even if that means deals by volume.

Lake Geneva and Walworth county is beautiful, they keep it pretty clean with  strict conservation and zoning... 

Now, you can get some wholesalers but they usually don't know if the property will fit the requirements and regulations but you can learn that from the Realtor. 

However, the process can be complex, with strict timelines (e.g., identifying a replacement property within 45 days and closing within 180 days).

Landlord-tenant regulations are a bit complex in California and getting hands on is the best way to learn before expanding into larger investments. 

My humble advice to anyone attempting to do creative finance is:Creative finance is for experienced investors who have access to capital if anything goes wrong.Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal levelLearn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are neededKnow everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

Once you hit a certain number of loans (check with your state dept of banking and finance or dept of business regulation), they might require you to have a license.

Follow your state regulations on notices but do everything you can to avoid an eviction.

I have an STR in New Orleans and we were heavily impacted by regulation.

While there's no strict requirement to match the original mortgage terms, reinvesting the full proceeds without financing or using leverage to enhance returns is key.If you don't reinvest the full amount, any shortfall ("boot") will be subject to capital gains tax, and depreciation recapture may apply.This post does not create a CPA-Client relationship.