We certainly have some good companies represented here but don't assume that because anything here that might be advertised has any endorsement you need to do your due diligence on anything you do in RE.Turn key operations can be ripe with fraud or scams, there are those that have picked up very cheap properties, put lip stick on, put a partner type tenant in at higher than market rates to justify a much higher price to sell the package.

Although, many on this site report positive outcomes.I could use a word of wisdom on how one proceeds with this venture without making predictable mistakes.I would greatly appreciate feedback on the proposed deal:Sale Price $980,00Price Per Unit $35,00Price Per Foot $41.26CAP Rate 7.1%GRM 4.86xBuilding Size 23,750 SFLot Size 43,124 s.f.Year Built 1969City Desoto TXGross Scheduled Income $201,424Other Income 703Total Scheduled Income 202,127Vacancy Cost (28,610)Gross Income 173,517Operating Expenses (103,682)Net Operating Income $69,836

So your $800 would over the life of the rental be closer to $400, $480 if you will be self managing (40% not 50%).Back of the envelope analysis shows you making a net operating income of $5760 for the year if you self manage, a 13.7% ROI if you spent your $35k doing repairs.Learning these quick guidelines for analysis is a good idea to qualify or disqualify a potential property.

The gas ranges virtually never wear out like the coils can on electric stoves.

Down here an ocean view can mean a lot more money, so it's well worth it to us.Aside from all the useful stuff, they're cool to operate.

In our area it is virtually impossible to get a house like the one I'm referring to at a reasonable price.

Usually turnkey providers in Memphis are operating in rent-heavy neighborhoods.

I am looking for a virtual realty group in Washington State (I live in Seattle) to hang my license with that doesn't have any outrageous flat fees.I came across Summit Realty Group http://summitrealtygrp.com/They look like the perfect fit for me but as I do my research I have come across folks accusing the firm of withholding commissions and performing other scandalous activities.

We were able to get that one notarized 7 states away and back in time and literally closed on the final day before the buyers were going to lose financing.All in all the hardest part of the flip was getting this notary piece accomplished but now that we learned our lesson on that we should have no problems for the next deal that we find.PS. when I started the flip I was living in Qatar and have since moved to Kuwait had a baby started a new job and stood up an entire new operation for work in a country that we have never done business for.

If anyone has worked with some PM companies that operate in Houston, some feedback/advice would be much appreciated.