"Wholesaling" is the new breed of mostly unlicensed brokers with no education, no insurance, and worse yet, no clue.

Then add ALL costs related to holding the property (utility costs, insurance premiums, property taxes, loan payments, etc.).Concessions: Concessions are what you give back to the buyer at closing.

If you paid $250,000 on an SC property that rented for $1700/mo:Annual Income                                      $20,500Taxes                                                         3,600 (would be about $1,200 with owner occupied)Insurance                                                      800Maintenance allocation                              2,000Vacancy allocation                                     2,050Net operating Income                               12,050CAP Rate                                                          4.8%On most rentals in the Charlotte area I look at a minimum of an 8-9% CAP rate.

or is it a standard real estate contract?

BTW, my monthly expenses are all encompassing - any mortgages + insurance, taxes, vacancy allowance, capex - but not taxes, since those are (largely) offset by itemization.

Can anyone out there recommend a good ,fair, and insured rehab company or contractor that can handle all phases of a complete rehab in the Birmingham Alabama area ?

As such it also has much more stringent underwriting standards than a hard money loan.

This is literally damaged our standard of living, and is flat out embarrassing.

The purchase price is $750k.Gross Annual Rent is: $91,800Expenses include:  Property Taxes $6,300 Property Insurance $6,000 Water / Sewer / Trash $7,200 Advertising $0 Live in Manager Free Rent $8,400 5% Repairs / Reserves $4,590 5% Vacancy $4,590 Total $37,080 As you can see above, there is a live-in manage who takes care of everything from painting, re-tenanting, collecting rent, etc.

Add to that the fact that VA has no mortgage insurance and rates on a 30 yr fixed are currently in the low 3's gives you an incredible opportunity.I highly doubt an underwriter would approve a VA loan for a part time residence in Texas, while your family is in California.If you want more info on your VA options.