Once bought, we would like to place in an LLC with both of us being the partners.

In the 500's there were no doc loans and stated loans.The mortgage brokers would call it "cash for trash" loans.With a great interest rate I closed some at 520 for buyers I was working with.Those days are long,long gone.I believe over time it went from a requirement of 500 to 520 then 560,580,620 and I think now it's 640 minimum.Anything it's over 720 or 740 is cherry now.There are lenders who over very nice rates for the elite with 780 and above but have to meet strict criteria.I learned the tricks in credit because I would often get a buyer 20 points away from qualifying.While another agent would throw them away I told them what to do to get over the hump and then closed the sale.

3 bedroom 2 bathroom split level single family homeWood floors, carpet in bedrooms, Fenced in backyard with pool, corner lot in established neighborhood.Repairs: Carpet cleaning, possible touch up paint, replace 5 to 6 windows, clean and drain pool, replace fence or just repair broken areas of it We are thinking 5k to 7k in repairsZestimate: $123,500Eppraisal: $111, 546ARV: $100,000 (us being modest, distressed homes in the area sold for $70k to 80k)Our Purchase Price: $50,000Asking Price: $65,000 (leaving room for negotiation of course)Is this something you as an investor would buy?

By the way Travis you don't need a landline for magic jack I believe its 19.00 for a year of service but you still have to buy the "magic jack" you then plug the magic jack into the usb port on your computer and hook up a landline type phone to the magic jack!

The partnership really would not have worked without all of us being engaged and ultimately the lack of clarity on how to invest retained earnings was our undoing.We had very precise agreements drawn up prior to starting the business and it was very successful for about 6 months or so.

What are some of the things that made you successful or what was the 1 thing that really got you over the hump?

I'm busting my hump trying to make the dream real like all you guys have done.

Its not a rip off, its about each of us being responsible and knowing what our goals are.

I remember those days - hump mount Craig 8-track, Jenson Tri-Axial Speakers, 23 Channel CB with 102" whip antenna and Shag Carpet - LOL!

Most of the folks I know that have been successful have had formal or informal mentoring relationships to help them get over the hump.