I love interviews with people like this that have been doing this kind of thing for longer than podcasts have been around because I think there's a lot to be learned from their experience.Vino at one point said that a rule of thumb they followed was that the cap rate of the property they were buying had to be 3%+ above what they were paying for financing.

What special rules do I need to follow (e.g. proper number and placement of smoke detectors and carbon monoxide detectors) that might apply to a rental property that don't apply to a primary residence, or where can I find these rules?

Is this followed to the letter and/or possible in this market?

Maybe setting up spreadsheets for Agents, Lenders, Wholesalers, etc. and logging who you have been communicating with, about what you were communicating, when you were communicating, and any planned or expected follow ups from either side.Mostly, I just am having a hard time figuring out the best way to keep track of all this information without it becoming ridiculously jumbled.

Mark- I follow your response up until the $800 net amount we would be making.

Hi Alexander,I'm by no mean an expert, actually closer to the opposite, but I wanted to congratulate you on your project, I hope to follow behind you in the near future.

@Sean Doherty glad to help, and thank you for posting a follow up with what you found out - that will probably help people in the future who have a similar question and find this thread in the forums :)

The two vacant units are as follows:  One just had an eviction, the other is vacant and could use new carpet and paint.The area is blue collar and low income.The buildings themselves are 6/10.  

I'm looking for General Contractors that have the following attributes:Schedule and Timeliness orientated, that can work with and lead Sub-Contractors to accomplish Rehab on time and budget.Quality Work on Rehab to prevent call backs.

I did not think stated income was even allowed anymore following the blowout recession based on all of the janitors claiming 100k incomes???