Define cheap :) Yes, they are quite cheap, but so are many houses.

If you plan to hold it in an LLC (or another business entity), you can likely just use the operating agreement (or by-laws) of the LLC/Corp to define the relationship and the responsibilities.If you plan to hold in your own names, you probably want to have a partnership agreement that will essentially lay out everything that would otherwise be in the operating agreement.While you can probably write the document yourself, you'll want an attorney to review it to ensure that it's complete and unambiguous with respect to roles, responsibilities and financial issues.

Bryan: I definately understand that it is not hard to find people with the internet in today's world, but I want to at least slow them down.

This includes those transactions complying with the additional conditions set forth in the Waiver.1The property seller’s acquisition cost is defined as what the seller paid to acquire the subject property.

Originally posted by Jeremy Colanna:Flipping is a risky business.Depends on how you define risk, that and the fact that risk can be mitigated, partially or even fully by saavy investors.I missed the firworks from the trolling and am glad.

It seems to me that part of the issue is how "being in business" is defined and what the goals of a business should be.Mike, this is a good point and one I would like to address.

Short sales are definately the most difficult strategy to make work consistently.Screening is the most important and also most overlooked.

A problem well defined is a problem half solved."

Then they go up to the middle and the top last.If I am a buyer I care about what surfaces I will come into contact with and live with everyday.Other parts of the house that are functional but I don't come into contact with I don't care about as much.Nothing is worse then putting cheap flooring in a rehab for selling.First you have to define what updates "means" on your flip.

If you see lots of broaded homes and blue tarps in the neighborhood.