If the PM doesn't know that, or they're playing games, then you do not want to enter into a relationship with them.Keep us informed and best of luck.

5.Pay to play for everything.

I think if you can develop a "what if" balance sheet and income statement, you can play with the scenarios to confirm this is a good way to go.

I don't know about the "coming back to haunt you" comment, but I do agree investors should consult with a knwoeldgable CPA on this topic.Depreciation recapture can come into play, but there are several factors to consider such as: You are receiving tax savings today and then repaying with tomorrows dollar (and we all know the dollar will be worth less tomorrow than today), if your current marginal tax rate is at 28%, then the recapture tax rate of 25% is slightly less, and if the gain derived from the building is less than the depreciation taken, you may only recapture some and not all of the tax.

He has gotten back on his feet, but still playing catchup and obviously upside down.

Do you play golf?

Back into a price using your desired cash flow, current rents, and assuming 50%.Looks like this to me:Gross rents: $27,300Expenses: $13,650 (once all the issues and vacancies are fixed)NOI: $13,650Desired cash flow: $4,800 (you won't convince me there's any other play here.)Max payment: $8,850Max price: $1.14 million (7%, 20 years)Subtract off whatever its going to take finish those rehabs and deal with all the other issues (you've looked inside each and every unit, right?)

I would like to start incorporating some nice design into rehabs to enhance the appeal and begin to focus on wholesaling.My interests outside of real estate include rare/quircky automobiles, disc golf (can't play actual golf), and fun runs and marathons.I look forward to working with all of you to make this forum as informative and helpful as possible, and will definitely do my part whenever possible.

I have access to all the MLS listings, what houses have sold for in the area etc etc.Im still debating getting my licence, I guess ill see how things play out

If this is a long term, speculation play for a higher price in the future, that's fine.