A ton of progress had been made and we can hopefully, start gutting the sheetrock down to the studs starting next week.

After assessing damages and putting in my numbers I bet it's grossly overpriced trash.Are you paying all cash or putting 20% down??

Assets-Liabilities=Owner's Equity Both sides need to be examined depending on the purpose of the assessment of equity.

I understand eventually in order to progress further I will have to focus on a certain aspect and when that time comes, I'll make that decision.But for now, time to be humble and to learn!

Looking forward to seeing progress photos.

Hey Josh, glad to see you're making progress!!

The sponsor there has been very good at updating us on the progress and just this past week sent pictures of the finished product that is now on the market.

Here are the numbers I posted when asking for advice:Asking price: $50,000Tax assessed value:$57,500Down payment: $10,000 (20%) -- seller paying all closing costsRehab: $1,000 (really just needs floors vacuumed/scrubbed and stove + fridge)Total initial investment: $11,000Projected rent: $775/moVacancy factor (10%): $77.50/moTotal Income: $697.50/moProperty Management (10%): $77.50/moMaintenance (10%): $77.50/moLegal: $25/moTaxes (capped at 2% of purchase price): $83.33/moInsurance: $45/moTotal Expenses: $308.33/moNet Operating Income: $389/mo --- $4,670/yr30-year Mortgage at 5.5%Debt Service: $227.12Net Cash Flow: $162/mo --- $1,944/yrCap Rate: 9%Cash-on-Cash Returns: 18%I ended up purchasing the property for $47,500 and paid closing costs.

I know it is difficult to assess as a new agent but office culture is very important.

You can always use the IRA structure until things progress and let someone else play the custodial role.