Create a realistic pro forma profit and loss statement to determine if this business has the potential to pay any more than you could make working a “no risk” job. 6.

You should go to your local REIA, there are like-minded people at these events that can always give you tips and insight too.

I really appreciate it If you can pay in cash and not deplete your liquid cash below your emergency savings bucket, I would go cash right now.

If that's the case, you would charge rent + utilities + water or just lump it into one rent fee.One thing to keep in mind is that friends often bail on deals like this once you get it so you have to be prepared to have to figure it out if you get the house and he isn't interested.

When the transaction closes, the purchase is funded, and we set aside additional funds in an escrow account to pay predetermined professionals to make any required or desired repairs or upgrades to a property AFTER the buyers settle on the purchase transaction.

Before you pay for any course or mentorship, I would read up on Flipping.  

Then any revenue above what I am asking for monthly rent they will pay me 70% of that revenue while they pay themselves 30%.Has anyone had any experience with doing business with this property management group?

If you pay retail, you'll be looking at 500k to 550k depending on area and lot. 

Hi Patrick,I am looking to identify hard money lenders and private money lenders, as well as seeking advice on how to begin funding the first few deals we take on (or if we should even use outside capital initially) My personal credit has been a 15 year battle (due to 2 divorces, multiple identity theft incidents, and most recently a breach of contract dispute with a creditor (they want me to keep paying them but not provide agreed upon services).

With VRBO you there is no damage coverage or insurance unless you pay for it separately, the website and app are very clunky and you can't vet any guests - it's a crap shoot!