I've wondered that myself and thought: If an investor was looking for birddogs why would the birddog have to pay the investor money before they began securing leads for the investor, that the investor would then in turn give the birddog an investor's cut on the profit end???

First step is always to cut the water source and fix the leak asap.

If your market is leaning more towards shorter stays...which does seem to be the current demand nationwide...I would not cut your properties out of that demand!

Some tenants won't use it, so some deposit straight to my account.  

Some people just are NOT cut out to be landlords.

Those things won't matter if your business crushes it. i feel like it would matter when those things add up and start tearing at ur profit If banking fees cut into your profit, your profit isn't big enough.

So theres decent equity, but it’d need about 20-30k in rehab.I really want to hear all your opinions on this transaction.Give it to me straight up, am I being stupid by doing this deal and risking it all, or is this something I can profit from without too much headaches..Money (3k) is already in escrow with an addendum that if foreclosure filings has begun it’s refundable. 

Starting with a mentor is very smart – it really cuts down on the learning curve, especially with something like a fix & flip.

If not, cut it all out and put down some strong sturdy plywood.

I believe that the Federal Reserve is going to cut rates by 25-50 bps at it's September meeting (no emergency cut), but that 30-year fixed rate mortgage rates will rise to upper 6s low 7s around the same time, and Commercial borrowing rates, including for multifamily, will increase as well.