Currently a Wholesaler and also going to work on my first fix and flip property this month !

But yes, if you only have 1-5 properties and wnat to do your own books, you will be fine (I would still have a Book-keeper come by 1x month and get everything squared away)Of course when you have a lot of properties, this will just be a confusing nightmare.

I will make about 10 to 12k on this one he will make about 60k without putting up a dime.4. fix and flip  he put up 10k but we had to remove the tenant so its under rehab now.. same spread as the first one  he will get his 10k back and make about 30k I will make 10 to 12k for loaning in 100k for 6 months.. 5. cosmetic flip  cant recall the numbers but this one i funded 100% and its about done I will make my 10k and he thinks he will make 15 to 17k on a 30 day rehab prime area of his little berg.I also pay all the insurance he has to pay UTLS though and he has to put up EM which you know the mid west its a joke 200.00 bucks or 500.00 bucks..

The area attracts many vacationers during the summer months, and if you are able to get some winter renters from Oct - March its a win/win.

Current total monthly rent is $2675.  

It takes time from when the property is sold for the title to be registered (in my case with the province-I was told it was taking up to 2 months).Nothing is automatic with transferring.

Total cost significantly below their current monthly rent.3- If you have to 'give them' to the current tenant to get them off your books then do if it makes sense long term.  4- Don't do purchase contracts longer than 18   months. 

We lived here for 18 months then placed a tenant.

The ADU now covers over half the mortgage + additional monthly income per horse the tenant desires to keep on site.

I would want some major security deposit on file - maybe 6 months rent (personally), and / or possibly have them carry an insurance policy with you as the named insured for a descent value for any damages, etc - with the policy specifically written for the type of business they are actually running.