Yep, she responds to guests & sets door codes from somewhere in Asia“Wise Northerners invest in the South” -Mark Miles “I wanna rent a vacation house in November in New Jersey / Ohio / Nebraska / Indiana” - Nobody ever

I need to build out a spread model, color code it and save a template.One of my biggest concerns in the situation I have is my experience is limited so I struggle making realistic projections for reinvestment opportunities.

If you have a good agent/broker in my opinion let them handle the code of ethics while you just make as much money as possible.I don’t want to do both but I was an agent prior to investor so I’m already here. 

It's hard to gauge the reasonableness of these assumptions without more info on the property (address or at least zip code, age of the property, condition of the various components such as roof and foundation, among other things).I see you've budgeted $0 for repairs. 

  $15k isn't much - kitchen cabinets, paint, carpet, maybe a few things to bring the property to code. 

If so, any code violations become your problem once you purchase the property. 

If they are not, you have to bring all of them up to code. 

I am completely unfamiliar with tax code and will be reporting the income for half of 2014 next year.Any help is appreciated.Tiffany

You may not know how to handle: tenant relations, maintenance requests, contractors, turnover, lease admin, property managers, "professional" tenants, neighbors, capital expenditures, municipal codes, federal laws, evictions, lawyers, budgets, taxes, etc. and how each one can affect the profits (or eliminate them.)

For cash buying (wholesaling), high % equity is super important - otherwise they cannot accept your discounted offer - and you will fail trying to negotiate directly with banks unless you know that world and have proof of funds, etc.Forget foreclosure as motivator - you'd be better off looking at % equity (minimum 40%) combined with other motivators such as:1) absentee owner ("tired landlord" & "2 house payment" profiles)2) probate/estate sale3) divorce4) code violations