Hi, we will definitely consult our tax professionals but wanted to brainstorm some ideas before approaching them.Situation: Private lending for downpayment and rehab costs for fix/flipWe discussed doing a promissory n...

What lessons have you learned in the past to quickly turnaround your house to be ready for another tenant?  I learned to check my property quarterly and to nip things at the start if there are any issues.  

Cash flow will be minimal even with myself managing the property.

Any suggestions on how best to proceed to minimize our losses?

I'm not a lawyer, but this is frightening.First of all, the Statute of Frauds requires that contracts above an minimal amount (normally about $500) be in writing.Second, verbal contracts are binding, but not in real estate. 

Think of it from their point of view...time is money and they just want to get it closed quickly with minimal hassles.

My last couple permits were right around 6 weeks with minimal comments.

Literally it’s block by block high crime and tolerable crime areas. 45k seems steep for an area that most likely will not see any appreciation or very minimal if you luck up and find a great renter.

I followup later to make sure item was fixed and pay my handyman.I manage my properties with minimal time.Once you have systems in place it is smooth sailing.

Yes I will be checking into how long I need to stay but we're going to get in and out as quick as possible.The repairs are minimal; it needs paint more than anything but I will also need to purchase a refrigerator, push mower, and weed eater since I will be doing the lawn myself.