Her purchase agreement could have an easy sell, especially in Dallas.

The key is finding a value add property where you know the local market and can get easy access to the subject.

That shouldn't matter to you.Offer them a one year lease at $X/month, with a standard penalty if terminated early, or a monthly lease where both parties can terminate with 30 days notice for whatever reason, at $X plus some more / month.A kick out clause when a house is found is too easy an excuse to use to break lease for any reason.

The folks on the 800 numbers don't understand that side of the business and will very likely mess it up.Sevier County Electric can be really easy, or really hard.

Especially in recent times the equity has been easy to access via refi, Heloc, or selling (at time such as 2008 this was not as easy).Do you hold the same view of your investments in the stock market or bonds? 

I had more than on contractor borrower of mine that finally figured that out got enough equity from relatives and now they are doing quite well and no way we can compete with them.but you start moving up north of 750k to purchase and unless your in the Bay area or prime LA  that does knock out a lot of competitionand you also have to remember this poster is paying CASH  HUGE difference as she has no cost of capital most of us need to borrow and if your borrowing HM which 95% have to as banks really don't service this niche ... her carrying cost ona say 700k project would eat up 20 to 30k EASY.. 

For one property, I’d probably just use Excel and be sure you keep receipts of everything.At the end of the year, our need an accurate accounting of expenses and income - and that’s pretty easy to track as long as you keep your receipts.

@James ButlerI personally like the app Mint- Its very easy to use but I have not heard of this app 

I know it was not easy to do, but hopefully you can help others learn from your mistakes and you can personally grow from it all.  

I still have dry powder and reserves and finding a better than 6+% hassle free, risk free and tax free return was more effort than it was worth in my market.When our why is clear, decisions are easy.