We were able to get that one notarized 7 states away and back in time and literally closed on the final day before the buyers were going to lose financing.All in all the hardest part of the flip was getting this notary piece accomplished but now that we learned our lesson on that we should have no problems for the next deal that we find.PS. when I started the flip I was living in Qatar and have since moved to Kuwait had a baby started a new job and stood up an entire new operation for work in a country that we have never done business for.

If anyone has worked with some PM companies that operate in Houston, some feedback/advice would be much appreciated.

Make sure that you each have umbrella insurance of at least $2mm.Recognize up front that partnerships often result in frustration and remorse due to inequities in work performed (that is not property recognized in the operating agreement), differences in opinion on how to grow the business (take distributions versus plow all profits back in), etc.

The first thing to do is to study the basic and general aspects of RE, don't try to jump into some niche area trying to learn how to operate without knowing the basic aspects of RE.

I operate my businesses in a professional way, documenting, and setting standards and rules.Some of you may have missed that I have only heard of this happening twice.

Be sure to check out the learn section above it is loaded with great info.

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I think you operations and maintenance budget is too low.

You would need to have your attorney draft an operating agreement that would spell out who is responsible for what and if X happens, then Y is done and so forth.

The problem though, is that it is very hard to have positive cash-flow on a property that is loaded so heavily.