As used in this chapter: (A) "Real estate broker" includes any person, partnership, association, limited liability company, limited liability partnership, or corporation, foreign or domestic, who for another, whether pursuant to a power of attorney or otherwise, and who for a fee, commission, or other valuable consideration, or with the intention, or in the expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration does any of the following: (1) Sells, exchanges, purchases, rents, or leases, or negotiates the sale, exchange, purchase, rental, or leasing of any real estate; (2) Offers, attempts, or agrees to negotiate the sale, exchange, purchase, rental, or leasing of any real estate; (3) Lists, or offers, attempts, or agrees to list, or auctions, or offers, attempts, or agrees to auction, any real estate; (4) Buys or offers to buy, sells or offers to sell, or otherwise deals in options on real estate; (5) Operates, manages, or rents, or offers or attempts to operate, manage, or rent, other than as custodian, caretaker, or janitor, any building or portions of buildings to the public as tenants; (6) Advertises or holds self out as engaged in the business of selling, exchanging, purchasing, renting, or leasing real estate; (7) Directs or assists in the procuring of prospects or the negotiation of any transaction, other than mortgage financing, which does or is calculated to result in the sale, exchange, leasing, or renting of any real estate; (8) Is engaged in the business of charging an advance fee or contracting for collection of a fee in connection with any contract whereby the broker undertakes primarily to promote the sale, exchange, purchase, rental, or leasing of real estate through its listing in a publication issued primarily for such purpose, or for referral of information concerning such real estate to brokers, or both, except that this division does not apply to a publisher of listings or compilations of sales of real estate by their owners;

I came across this brilliant strategy and thought I would share it.http://needwant.com/p/buying-apartment-airbnb/basically, this guy used the calendar scheduler on airbnb to find markets that have cheap apartments and lots of demand.He bought an apartment, and rented it out on AirBNB, ...Here are his numbers...Cost of apartment: $40,000Cost of redecorating and furnishings: $10,000RevenueNovember 2012 – November 2013: $19,613Average monthly revenue: $1,634Rough monthly profit: $1,134 (after cleaning, bills and other expenses)Yearly profit: $13,608

An investment strategy is a model outlining the types of projects you’ll be undertaking (rehab, rental, etc.), their scope and structure.Oftentimes, an investor will fall in love with a particular property, make the acquisition, and then attempt to build a strategy that centers on that individual property—wrong.

I agree it's a big undertaking.

There are other jurisdictions in Canada where you must compensate the tenant if the tenancy is being terminated for renovations (and you may have to allow them first option to return to the renovated unit) and there are still others where you must honour the existing lease until its termination/anniversary date.Of course, just because you ask, does not mean the Vendor will want to undertake the action.

Apart from the other good advice offered here, I might suggest you undertake one additional effort:Analyze your investment numbers.

It's simple-- is the parcel of land in a good area, is the cost to rebuild around where the current house is(if it's under, take it), how much up to date is the property(how much do I need to put in day 1), are there state laws that'll impact me and if so how-- then you just swallow areas whole. 

Obviously you can infact loose some if not all your money if rehabber suddenly goes on a quick unannounced one way trip to Belize or Cayman or if you get stuck trying to foreclose or undertake the rehab project altogether.

Modern ones with electric ignition probably dont.when walking into a kitchen I could tell whether it was gas or elec range before I looked if it hadnt been redecorated in 10-15 years,,,and most rentals are not

Regardless what you decide, the project yu propose is a huge undertaking, and WAY more more work than you think. probably 2-3 weeks straight for 1 guy and massive physical labor, rental of a jack hammer, and concrete saw, ect, I recommend getting more bids before you jump in yourself.