If it is just the normal rate, again not all shocking.With HOA your cost is %480.98 with your tax allocated on a monthly basis your cost is $537.65 ($56.67 in tax @ $680.00 per year)So based on your rental market rates of $650 plus you have some money you can make but right now you seem to be in the red.

This will be my largest building and I could really use any input not just on paperwork, but what are some deal killers/red flags for you.

If you run into a PM who is not willing to sign off on your request this should raise a red flag especially if your request are within good logic and reasoning.

Red, Black Baby!

I am interested in targeting vacant pre-foreclosures for fix & flips as well, but thought they might be so wrapped up on red tape, you'd never be able to get anywhere with them.

I personally don't like them on my car, but my daughter has a little red pick up and she drives across town every day.

It's just not enough cash to get going except for buying a guru course,wholesaling,investing in a small pool of funds etc.I am not trying to be insensitive but even though I love my profession I am not the Red Cross and want to make the most return of the use of my time as possible.

I have also heard that a D/E exceeding 3.5ish is a red flag.

These are the types of banks where there are not large credit committees and a lot of red tape.

As far as finding property with carpet and paint only it will be tough as home buyers compete for those properties too.The home buyers are happy to live in it and get small equity say 10k where you can't do that on your flip plus it's easy for them to get a loan to purchase a property with minimal work.With cash you need to look at properties needing a bunch of work.Try to find the most run down property in a great area.Buy it cheap for cash and fix it up to sell.If you don't want to take yourself away from your main business you already have you might look at wholesaling properties to start.Less risk just getting started and you can learn the ropes.You can use hard money for flips to preserve cash but the hard money takes high interest and points and only gives money for repairs in draw schedules so it drags out your rehab and resale which costs more money with your loan.You could focus instead of whole tailing.Fix the property us some and sell to an investor for cash with a small markup.Since they have cash there will be no loan red tape with a retail buyer.Less margins but more volume.Hope it helps.