Had dinner with one of my clients here in Birmingham last night.. his take on it was those that are not sophisticated will have problems they will forget to file their paper work wont do it right and have other issues and so those will add to the normal non pay for other reasons. so this could very well cause a run on the lower socio economic scale borrower.. the ones the govmit tries to help the most.. that was his take on it. 

Thanks for everyones help and feedback on this, besides @Quincy Lockett, this guy isn't throwing in the towel that fast man, come on. 

I highly recommend Ram board for protection over any visible areas, not just the brown paper.

In the end, regardless of what it looks like on paper, it's going to be a lot of work, possibly not profitable, and you will have to live with the label of "slumlord" to make any money this way.

I May look towards a different signing platform, or go back to paper.

. $2k a few times a year for pushing contract paper and a few searches is better than $5k once a year -mentally & fiscally.

If you know a lawyer get him to type up a letter on fancy paper with cease and desist and some other law mumbo jumbo.

At least this is what I thought, I never did a paper comparison of both tax strategies.In a real real estate business doing wholesaling and fliping, where there's driving expense, buying of software, monthly fees for (too) many services like VA's, call centers, out bound dialers, yellow letter mailing expenses.

You'll soon find out which of your friends is serious once the pen is put to paper.  

In general I think they are painting a very rosy picture and paper numbers that don't seem aligned with reality.