Since there is not enough margin in the buy / sell they are playing games with the repairs.I do not see how these ibuyers will make it trough a down turn.  

First about what role you want to play in the RE industry. 

Like I said, this would be my first REI and I really don't want to make a big mistake on a deal, but based on the numbers I've come up with, this property would cash flow about $500 initially while the loans are being paid back, but should generate in the area of $1800 once the loans have been repaid.At this point, I would be willing to take on any positive income, but I'm sure there are factors that play into this that I know nothing about.

If a big expense comes into play, I have two credit cards that are $30k limit each with only 4% Annual interest rate (active duty military).

Hey all!

So I've been doing a lot of reading and a lot of listening for a few months now (primarily in wholesaling to begin with) and I'm to the point where I feel somewhat comfortable and confident to take action. O...

Everyone has made me glad I joined this site.Would any of you be interested in knowing how this plays out?

You can avoid payroll by ensuring your structure your agreement with them such that they are a 1099 sub contractor NOT an employee (bes ure to get smart and play by all the rules!). 

Could be a good chance to find opportunities that could apply to your real estate investment business in relation to see what the City is demanding and zoning discrepancies that could play to your advantage?

My main concern would be living in such close quarters if the people renting the rooms turned out to be dead beats.

I don't know how it is with land lording there as I never rented my home that I had there out.. but I suspect the landlord has their rights.. the City I bought in Kelowna BC had tons of rentals so I know it happens  ( rent that is )  and boy the prices sky rocketed talk about an appreciation play.. wish I never sold my place but I did not want to be a distant landlord.. and I made 20k in a year on it with currency arbitrage and modest appreciation..