I say put the kids to work, builds character!

If you add 11,000 of other funds, buy another property at 25,000 and rent at 2% you get 500, but you can only attribute 280 of that to the cash out refi money of the current property.

I can't really speak to your financing out of a FHA loan, but I'm curious as to what you feel has attributed to the large amount of appreciation ($111K if we use the low number of $480K) over such a short period of time, since you've only invested $20K since purchase on renovations?

Daniel NieldDave Seymour is a character.

My parents taught me that lesson at the age of 12 and I attribute any success I've had in life to that principal first and foremost.

To double your money or achieve anywhere near the return you speak of will take some form of work on your part. whether it is flipping property, buying and selling stock or developing property part of the return is attributed to your skill and effort.

There are a ton of slick characters in restoration business that lowball their initial quote and then cut corners, work very slowly and/or pad the bill.

Melisa Ramos is marketing a property that has many of the attribute but not all that Nick Sidoti talks about. http://www.biggerpockets.com/forums/58/topics/73671-36k-rehabbed-3-2-1500-sqft-in-atlanta-gaI brought the topic to the first page so you can find it.I have not attended any of Nick Sodoti's seminars but understand many of his concepts. the proof is in the pudding as they say, so anyone who has experience with this process is welcome to explain it to us.

If you go into the N/P side, you need trusted individuals on your board of directors, this is a huge area of concern starting off.Board members must be of good character, the more successful they are or have been the better, they need to be known in the community, they must have the common interest in your mission and they need to be able to make a commitment to actually serve in that position!

If you can do the @mention for some people, but having difficulty with JScott, here is the trick: you need to type two characters of the user's name as it appears in the post heading; in JScott's case the second character is a space!