The idea, as I've been told, with using a broker is that the broker gets a chunk of the closing cost fees (like a sales commission), and the lender that the broker uses for your loan is fine with the reduced closing costs that they get because the broker is doing the leg work.

To that end, I plan on contacting a REIA in the area (house is in MD, but I'm in FL) to get some references for rehab contractors that can work with me quickly and efficiently without costing me an arm and a leg!

so from what i read here the first thing i would do is FIND A DEAL. you will need sources for your properties, now there are several ways to do this some easier some cheaper it all depends on what you are comfortable with. option 1 - most expensive (imo) - get with a few real estate agents tell them what you are looking for and let them HUNT the MLS listings for you in hopes to find deals that will work. no work on your side just sit and wait plus pay the mls premium.option 2 - less expensive - get with the wholesalers around Houston get your name added to their "buyers List" and wait for them to send you their off market listings, keep in mind that this is a personal thing and they normally send the deals to their primary group and if no one buys it then it goes out to the masses. option 3 - (best imo) do your homework on the areas that you are interested in. get in touch with someone that does direct marketing and do a marketing campaign in said areas, a little more leg work for you but the benefits are def worth it. personally i tried option 1, then i went on to options 1 and 2 and after still not getting anything that makes sense i decided to go with option 3 and so far it has been the best choice I've made.  

However as your doing your day job you definantly have the time to study all sorts of materials.. assuming your flying longer legs and not commuter stuff..

You're just paying for them to do the leg work.  

Probably won't go "turn key," but not full gut either until I get my legs under me.After that, I'll get my parents in on the game, probably by borrowing 100k for a year or so, paying them 8% then cash out refi.

But what about this leg work that she'll be doing?

The argument lies within thewhy using an agent, surgeon, lawyer, CPA, or financial adviser gets you the leg up in any event.

If you do a little of the leg work you can save almost all of that $650.

The incentive for realtors would be a better alternative than property management they charge a arm and a leg.