Also, get some type of nonrefundable deposit($1000) from buyer so you won't get burn by buyer.

Just trying to use the first deal to learn as much as possible and not get burned.

No waiting required to burn their money.

I would rather disappoint an investor by not funding than burn bridges.    

I am not a burn-the-boats type of person, and I am more productive with a backup plan.

I started off in 2009 spending 3K on 5 liens and I got burned on two of them and lost most of my money.

I had a cabin burn to the ground a few years ago near downtown Gatlinburg, and spent a small fortune building a timber frame log cabin out of thick yellow pine logs.

I warn all tenants who give me whatever story on why rent is late or going to be late, that they will be getting a POQ notice on the 3rd day and a late fee on the 5th, I don't care if it's because their employer burned down or thieves stole all their money or their grandma needed an emergency appendectomy.

@Ryan BiankowskiIn my opinion, if you have no experience flipping houses, no experience dealing with contractors and this is your first deal, $10K is nothing.Sorry to burst your bubble.An unscrupulous contractor will burn through your $10K in one day..... literally and you may never see him again.Assuming you have no experience, I would advise you as a starting point to slow down, sit yourself down, and buy J Scott's books for $49.00........and save yourself $9,951.00.Make sure you read them through thoroughly at least once, if not twice before making your first move.There are other good books out there, maybe a good local mentor that you can learn the ropes from and even some good "guru's" that you can learn from despite all the guru bashing on BP but I would definitely start with J's books.Said books are:The Book on Flipping HousesThe Book on Estimating Rehab Costs

If you come to make a quick buck, you'll get burned fast.