His "buyers" - who could not qualify for a loan because, presumably, they could not convince the bank they made enough to cover PITI payments - inevitably defaulted, and after a few months he would evict and start all over. 

My first deal looks like it will fall through because the bank doesn't like my work history. (4 months as a union electrician, which the bank considers contract work).

You get so much wealth and start getting older you enjoy the business but focus on quality of life more and memories. 

There is a lot of gentrification going on un several area which help that quicker appreciation.If you ever have any questions feel free to reach out or send me an email, I enjoy helping other BP members.

Buckle up and enjoy the ride!

The way that I have done this in Costa Rica has been to bring in several partners on a high end luxury property who would like to own a part of a property that they can use and enjoy but that they don’t have to manage by themselves.Each of the properties that I own are at a million or higher or will be soon. 

Generally speaking, with SFR or small multis, I just rely on the lease/rent roll (and some form of proof of payment; i.e. bank statements, deposit receipts, tax returns, etc.). 

However those with no to very limited experience will never get a fix and flip loan  from a bank. 4.

Save yourself the brain damage, clear it out, convert it back, discover a whole new class of tenant you can now get and enjoy the ride of eliminating 70% of the hassles this property delivers. 

“BUT” up to 60% occupancy all of the cash flow goes to the bank for PI which is good.