@Dawn Anastasi and @Kenneth Hynes I was under the impression the 50% rule was take 50% of the gross rents (1100/2 = 550) and that is what is left for PITI and cash flow. 

Tony,I'm impressed with your assessment of the hawaii market but even more impressed with your info-graphic.

Logan I am really impressed with you for wanting to get started so young.

I was under the impression it wasn't out.

@Stephen Dillard I am impressed you replied to the callout from a 9 year old post.

So I'm trying to find a hard money lender in Spokane, WA, but I don't know how to evaluate them.I'd like to buy houses and fix them up all on hard money loans, then turn around and refi with a portfolio lender from full value.I've met up with one in person at their office, (CLS Mortgage), but I'm not particularly impressed.

I'm not suggesting the tenant is lying 100%; however, from what I have heard (admittedly very little) I get the impression this tenant may exaggerate things or blow things out of proportion to what he perceives is his benefit.

Are you tryi g to give the impression it can be sold above market with 20k in repairs?

My impression was that the OP would be a leasee with an option and perhaps later the pass it along.I don't know who the guru was that exposed the lease-option secrets but IMO they sure messed up a good thing suggesting wrapping a lease and purchase credits in one contract!

Don’t be impressed by a buyer with a BofA letter of approval… BofA is taking over 90 days to close loans and their preapp means zero.