Is that what you meant, as well?

I might have missed something, or some regulation, but the fact he can't explain his product out in the open is a red flag to me.This is not meant to be an offense to Jeff Trevarthen (@VeritasRE), as I never talked to him, and he is probably a standup guy.That said, I'd still would like to know what the loan is... :)http://www.biggerpockets.com/renewsblog/2015/01/01...

What I meant by "NW" is that my other rentals are in NW neighborhoods (Germantown and Mt.

If that works out, it should have a cash flow of $550-650/month (due to lower mortgage payment available due to built in equity) and I am hoping that I can pay it off to free and clear in about 8 years.If not, than I guess it wasn't meant to be and I will move on to the next one.

Likewise, if you try to use the 50% rule to make buying decisions, you'll come to the conclusion that the 50% rule is crap (because it IS crap for making buying decisions).On the other hand, if you use a tool the way it was meant to be used, you'll find that it actually provides value. 

Had the water risen just one inch more, it would have meant massive tear-out of drywall and more.  

@Tim Shin Yes you may have to search for motivated sellers directly to find good deals, it seems Houston has been hot for years now and I've heard a few mention that things have been selling at/above retail for some time.Yes I meant B and C class neighborhoods.

Is this something that will provide you a passive income in your later years - something to sell later on down the road to pay for tuition for your kids - or was it in fact just meant for a quick flip?

I'm never been a person who uses credit cards when I heard those 25 percent interest rates I assumed that meant per year. 

I meant Unbelievable in a good way by helping and teaching I hope I didn't go across in a wrong way.