We cleaned it up, sealed any holes we could see and went on with renting it out. 

You can probably find basics of these forms online and then have a local attorney clean them up and make them compliant for your state (or the lawyer could draft them although they'd be a bit more expensive).

We are averaging 25% profits on every deal and some deals yielded us 100% returns at the peak of the market allowing us to double our cash flow in a short period of time.

Not only does that change your income flow, but you also don't want to set that precedent for the tenants.

Learned about clean out, demo, plumbing, HVAC, electrical, flooring, design, floor plans, functionality of a home, landscaping, and all the nerves and excitement that come with this business!

Investigate the reasons behind vacancies before proceeding.Unreliable Cash Flow: Inconsistent or declining cash flow projections may suggest unrealistic expectations or hidden expenses.

Just a little landscaping and cleaning goes a long way.3.

This is called a Deed in Lieu Foreclosure or Deed in Lieu (DIL).As an option to avoid a long drawn-out foreclosure process (more painful for the lender than the borrower), your friend might be able to negotiate a deal with her lender to accept the property and wipe the slate clean.

Setting up and maintaining an LLC comes with annual administrative costs, so another thing to consider is your cash flow.

Then compare against the cash flow after taxes from the business.