My take on the lessons the folks walk away with from both sources, IMO, seem to point to a lack of proper understanding of the asset class in general.

As demand increases and the economy improves, so will real estate prices.My research indicates that if done properly, the yields will be between 15 - 20%.

As demand increases and the economy improves, so will real estate prices.My research indicates that if done properly, the yields will be between 15 - 20%.

If there wasn't a list of damages, then I would assume everything was in proper working order, no major issues at the time he moved in.

Another strategy is to have enough cash to make the acquisition of the property and then use credit cards or personal lines of credit to fund the rehab.First lets concetrate on your short term needs...You need to finsih that house and get that HELOC sqaured away so you don't siphon funds away from it for personal use.

After reading over the bigger pockets forums it has become apparent how important it is to get the contractors plan of action and budget written in a contract, so we will be sure and get that taken care of properly.

John Ferrara, while it may sound (and even be) complex, your accountant has suggested this for a reason: it will allow him to properly allocate income and expenses in order to prepare your returns for the various entities.

This starts to touch on investment banking.Every deal can be financed, through one source or another, if it is structured and presented properly, to the right audience.  

The notice should be in writing and should be drafted properly, so that's why I think you need an attorney.

Evictions are going to happen occasionally, even with proper screening.