Always have at least 6 months of expenses per property in reserve.

Thanks to all of you for confirming what we believe to be true.

And if something bad happens you will have much cash reserves in your IRA to make sure you can sustain any problems.Thank you for your time.

The rate is about 1% higher than a normal FHA loan and there are some additional charges because of the repair reserves and reinspection and draw services on the loan.

also, to confirm this side of the story, this is a competent realtor who is pretty much the only realtor i know that has actually squeezed off a bunch of short sales.

However, I still fear the extra wear and tear and am looking for posts to confirm or deny it.Good luck.

Yep PNW you just confirmed what I thought.

My personal game plan is to start buying pre-foreclosure properties and then flipping them to build cash reserve.

Once I get leads in from my website and go through the best leads for example, job transfer needing to move, 2 payments behind, and they indicate that their flexible on terms.So when I contact them to confirm what they have indicated their either wanting cash out or kind of skeptical about someone coming in and taking over on payments even though they have indicated that they are flexible on terms.

You need to work to build up your cash reserves, as you said.