If you do any improvements, not repairs, those will be added to be basis of the property and will be depreciated later if you rent it out or will decrease your gain  if you flip it. 

If you are doing this model in the way that I teach it, you usually are going to be adding 3-5 bedrooms/closets and at least a full bathroom or two.

Billy Allen Should you be adding your email address to get more input or just wait for the answers to row in!

.- the end buyer can be added as a partner and I can quit claim the deed after the closing and collect my assignment fee for doing so.- double close.

We use that as a baseline and any other items can be added on, and then agreed.Contractor Network: A never ending process of finding competent plumbers, electricians, carpenters, roofers, siders, etc… Hurdles we continue to overcome are finding contractors who actually do the work not just a GC where we are paying overhead and they hire a crew to perform the work needed.

Just enjoy life together in the meantime.If you are set on doing this without getting married then I would at least work with a lawyer to be added on the deed with your girlfriend only.

@Brandon HellenbrandYou should reduce your basis in the property by the cash back amount.If you use the cash to make the necessary repairs, depending on the size and scope, these additional repairs will be added to your basis and depreciated, or expensed in the year the repairs are performed.Hope this helps.Ed

Income from fiancee can be added after that point, assuming bottom line of 20k/yr, in 1 year(-5k for loans) I will save ~24k and then use traditional financing for future investments not using more than 50% of $$ saved to ensure there is a cushion for my first property.2) Wait it out for 6 mos and build up some capital(200/mo*6=1200 saved, not much), then follow plan 1, bank around 24k after 1.5 years.3) Wait even longer , say 1 yr, and start out with ~12k saved, hopefully better credit and qualify for better loan terms.Those are my 3 choices right now, I want to start ASAP while the market is down and money is cheap, long term I would like to buy more multi's, maybe a few SFR's and do a few fix-and-flips in between to build up enough to supplement my W2 job with rental income and retire early.So the question is: Should I start now?

I will also be adding bandit signs and I plan to get down to my local court house for info on probate records.

I think I will be adding a few more to my collection!