One could argue the 40-50% setaside for expenses is high, and that could be, so you need to run an independent evaluation on the property to see what's needed.Also, prepare for 5-10k of an "oh crap" budget for the first year.

The lesson there is to never pay for rehab upfront and always get an independent inspection.

I would just do the repairs with the cash on hand then refinance once the work is completed and tenants are in. Depending

@Nick Webb It is called "Washington Landlord's Association" and is an independent group.

I just turned 24 not too long ago,  and I currently work two jobs which has me working around 50 hours a week.I'd say my financial goal is to be financially independent through real estate investing!

Property is sold:  audit your project. 

For example, lets say he get audited by the IRS and he has to justify his cost basis. 

We focus on the suburbs east of the 435 loop including Independence, Raytown, South Kansas City and Grandview.

(PS- they do not know each other, I found them independent of one another)

My first major goal in this business is to take the steps to become financially independent.