The house needs about $40,000 in repairs and then I should be able to rent it out for 1,800.At the end of the day my total out of pocket was around $9,000 because I had the seller role the closing cost into the loan and did a seller concession for repairs.Was this a good purchase, am I heading in the right direction?

@Steven Hamilton III didn't even see my error while typing that prior post ... my head was clouded by the fact we only repatriate funds once per year out of the after tax income.That said, I do not believe the withholding is applied to our gross revenue each month (this is a non real estate business).

LOL I've scratched my head over what I owe guys a few times.

@Brandon Turner , My wife and I have started on a few podcasts, and have gained a lot of confidence heading into our future in real estate.

I will head straight to the title companies to get their direction.

Here prices are running $80 - $100K per unit and the rents (2-bdrm) would be running 750 - 950/mth.... and the talking heads keep telling us the Canadian real estate market will have a soft landing ....

At the end of the day, though, many people are just cowards and will put their heads in the sand when they don't want to do something, like honoring a contract they willingly signed.

Do you know when your lawyer tells you to put a silly what-if clause in a contract because, “What if someone dies,” and you shake your head at his conservatism?

My only issue is that there seems to be more intangibles involved in the business model (hourly rentals, efficient use of space, different subscription tiers etc), whereas with office suites and ppsq the numbers seem a bit more easy for me to wrap me head around.

He just doesn't get that, but my goal is to make him understand that he needs to get that $500K number out of his head.