More specifics about my ideas here: I plan to use a hard-money lender to finance the flip, and will tap into my current home's equity to cover closing and carrying costs, as well as contribute a little to the capital of my LLC so I can cover the initial construction work until I can take a draw on the construction funds from the loan based on the value I have put into the house (I gather that is how hard money lenders operate, yes?).

You should never personally be on the property alone trying to carry out an eviction.

They carry their own paper and work with investors.

If unit 1 can carry the whole thing then you are gold and you should buy it.

How does experience get "carried over" to the new company?

Here are the details:Purchase Price: $105,000Received Commission: $0Estimated Rehab: $10,000Estimated Time Frame: 3 monthsSold Price: $180,000Actual Costs: Approximately $13,250 with escrow fees, agent fees, carrying costs and rehabNet Profit: $61,150 or 51.4%Before Pictures:What I Learned:- Networking can bring immense value.- Be prepared to take advantage of an opportunity at a moments notice.- Smaller homes sell quicker and usually have lower rehab costs.- Don't undersell the property.

But if you're flipping here's some of the common general ledger accounts you will need.Revenue:Rental Income (in case your rent it before you flip)Sale Income (sales price when you sell it)Expenses:RET (Real Estate tax expense)Insurance ExpenseHOA Expense (if applicable)Interest Expense (if applicable)Depreciation expense (if carried over multiple years)Assets Fixed Asset - Building/home/condo (whatever you purchase), this should include all the costs associated with the purchaseFor your rehab, anything that essentially increase the value of the property should also be capitalized as a separate fixed asset (i.e. new stainless steel refrigerator, tile, new vanity etc) Inform your CPA as each will have different depreciable lives per MACRS, and this will be important if you carry for your flip over two different tax years.

No need to do a background, reference check or anything since he already admitted to evictions.Whenever I have a crazy show up to look at a place I just smile and let them fill out an app knowing there is no way they will pass but I am not telling that to them right then and there.I strongly suggest concealed carry if you have a permit.  

The heading of the post is entitled your latest "flip," which carries with it a suggestion of some sort of financial analysis.  

One thing that makes this so appealing is that you money is used for well leveraged down payments (unless we can get an owner second) carrying costs and repositioning funds.