You (well, they) can probably get 85-90% LTV and interest only payments depending on where they're at.If you're brand new to REI I'd be very cautious of asking family to take that much risk on me.  

@Kellie Frantz Hi Kellie- I would be cautious about keeping the deposit if you didn’t actually replace the flooring but charged them what it was before they moved in.

He may have run across a lot of those sales-pitched REIA's John spoke about which would make his cautious approach here understandable.Welcome to BP Prescott!

Flipping is a good way to start out however the deals out there now require more skill then usual as there are not many short sales and foreclosure in other words you need to be very cautious starting out that you don't get in over your head.

I would be very cautious of negative cashflow.

You need to be cautious in times of transition, especially with tenants of limited means, as they usually have few housing options. 

Tread cautiously. 

As in anything, be cautious because there is the possibility of people posting bad advice.I have been a BP member for just under a year and it has been priceless.  

I haven't read about them anywhere so just wanted to share with you all so that you all could be cautious. 1. 1031 company - Title company - Lender - Selling/Buying agentYou need to to ensure that all these entities communicate and know what they are dealing with.

wow @Dustin Frank i definitely will be cautious w/partnerships. good luck