The property currently cash flows me about $790 per month after debt service and all expenses and the property management fee.

Once I announced that I would require an application fee and run credit/criminal background checks, the calls dropped to a few a week.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

One podcast recently i listened to mentioned that he self manages all his properties to save on the PM fees, but he has some sort of policy with the local utilities that basically gives his tenants a 24hr number to call if something was to happen to say a frig or hvac... he even mentioned it covered a clogged toilet..I am curious what exactly is this such policy he is talking about, because the way he worded it, it sounded like he took most of the headache out of the job with this and he just worries about getting new tenants and collecting rent... he said the policy was cheaper than just keeping a handyman on call to do the repairs.. 

I had read somewhere that you can roll lawyer costs (title, etc) into basis cost as well as origination fee and deduct for life of the loan.

I did not think you did either but I am pretty sure you do.and in Oregon you don't need a real estate license but if your buying a property to resell IE your not owner occupy you for SURE need a developers license.. and to get one is simply a fee and you need a bond and insurance.. so we cannot make a blanket statement that its legal In all 50 states.. to buy then resell.. 

I suggested the price to him, set my fee, and he brought the buyer.

Here are the numbers of the deal: Loan Amount: $123,600Points: 3Annualized Interest Rate: 12%Fee's: $750Term: 60-daysType: BalloonPayoff Amount: $130,616.89I transferred the $123,600 from my personal line of credit to my business checking account.

They aren't going to waive late fees or maintenance fees.

What do you guys recommend as a referral fee on a wholesale deal?