Now that we are 5 months into it, we can see how wrong the reporting actually was, because there haven't really been any noticeable changes except minor procedural ones.  

(other than the seller financing stuff because I've asked and nobody seems to be interested)You’re looking at the wrong stuff!  

I think Civic closed up shop or sold or something like that I could be wrong but seem to remember hearing that.

Maybe Fannie Mae is wrong LOL.

It also serves as a great example of what I tell my college age daughters - email/text is a very hard place to have serious conversations without at least one person getting rubbed the wrong way by what can be inadvertent phrasing by the other party. 

It's way lower risk while you're getting your feet wet.BRRRR definitely has better potential returns, but it also has way more moving parts that can go wrong.

You may find that you are looking at the wrong properties...or that you are looking at the right ones...or you switch strategies. 

Nothing wrong with partnerships - I have used one to scale way faster than I would have on my own because he brought skills I didn’t have - but if you can do a deal on your own first to get a better understanding of the entire process it may help you identify what you need from a partner and what types of things should be in the operating agreement.As for the operating agreement, be sure you sit down with an experienced attorney who will help go over the dozens of scenarios that may come up and how you would like to handle them. 

Hey Peter, thanks for the comment and the insight and you are absolutely correct about knowing what sells in your market, I see this happen with a lot of fix and flip projects that are just in the wrong areas, the investor gets the house for a good price however spends too much on repairs and adds a lot of luxury thinking that it will push the ARV significantly higher than the average in the area.

The seller was not in the wrong by saying "no" to the water damage question on the RPOADS form.You can read more about this topic here: https://www.ncrealtors.org/question/can-property-damage-be-a...When things get tricky is when a seller marks "no representation" on the RPOADS form about an issue.