After a few months of research and educating myself on wholesaling and the proper way to go about things I finally made my first offer.

You've shot yourself in the head with that 30 day limit on when you can install a lockbox and start showing.

The seller may well have had an incompetent agent or short sale negotiator, who wasn't keeping track of the foreclosure time line properly, or didn't get the appropriate paperwork to the bank.Just because the agent drops the listing price, this doesn't mean the bank will accept that price.

The problem is that the population has contracted so much that there are areas where if you try to rehab and aren't guarding the house 24 hours a day, your materials will be stolen almost as fast as you install them.

The floor started chipping immediately after installation even though I covered it with paper.

Many BP regulars don't like to have mortgage pymts be more than 50% of their gross rental income.To be conservative with a conventional lender don't exceed 36% of your gross income for all debt payments.Not sure if you are trying to stretch yourself or be safe.Safe is 50% of your gross rental income for income and no more than 36% of all your gross combined income for all installments.

The reviews are excellent, and I've never had any issues with the 2 or 3 I've installed in my houses.

We install can lights for added drama in almost every house we do.

If you take the latter reasoning and set up a new company for long-term holdings I think it would be very easy to signal to the IRS what your intent is by taking title at the outset in the proper entity.

I put $1,500 into cleaning it up and finishing the rehab, which amounted to installing the bathroom (all the materials were sitting in the house...just needed installed), and some other minor repairs.