@Kenneth LaVoie, over any extended period, of course capex will eat up some portion of your income - so likewise, SHOULD be anticipated in advance by apportioning it monthly - just like any other expense! 

So I would live, eat, and breathe real estate, and find a mentor where you can learn the ins and outs of this business.

If for some reason the rehab gets hung up and you can't get it rented right away, you have to be prepared to eat the monthly payments. 

Problem is, realtors commissions will eat up 6% ($17k) of that if I have a buying and selling agent.

So that's rugs,   I think eating wood is a bit harder for the mold, but you may have to replace studs too.  

Account Closed -- Definitely start analyzing every property you come across untill you start analyzing the restaurants that you're eating in!!

Unless you put a substantial amount down as an EMD, you have the option of canceling the contract and just eating the EMD loss. 

this means don't eat out as much, cancel gym subcriptions etc (drop your spend). 

However it looks like your cost to just eat the deposits is probably less than the cost it'd take to win a judgement. 

But I also have a day job, I’ve run 22 full marathons, I eat lightning, and crap thunder.