Remember, you make money by creating a "Spread".Spread = ROI - WACCSpread > 0 is a good thing and is a requirement for success.Obviously if your deal has negative ROI before you even borrow money then you're throwing your money down the toilet.

Just remember that you don't need to know EVERYTHING to do a deal.

Remember, you just bought a second home.

hmm... a few useful bits of info from what I've learned so far without copying the entire fix and flip page from my website:An ideal place to start looking might be in neighborhoods that are in the 25-35 year old range; basically where houses are outdated but still hopefully in good structural condition.With this kind of unit, you can focus on some of the more basic, value-added repairs such as paint, flooring, landscaping, and other basic finishing touches.

Then you would need to know what the appreciation rate is in your area for the next 10 years... appreciate your purchase price by that amount (remember to compound that interest) and presto, you have the future equity in your home in 10 years.But you still want to be cash flow positive on the road to get there.

Remember that the lower you go on price and the harder you are on terms, the less likely you are to get the seller to agree.

I understand that being a landlord isn't the easiest thing in the world but I *think* (remember I've never done this before) that the market will bear a rent ~$300/mo over the costs of mortgage, HE loan, maintenance and taxes and insurance.

Ideally, if it's paid you can get a letter from the creditor that it is paid, then send this letter to the credit agencies asking to remove the blemish.Or pay someone to do it for you!

The key thing to remember is that lenders will compare debt to income along with credit score.

I will remember what you said about joining your birddoggers network.