In business, I have seen that a mentors history of others triumphs and failures can be learned from. have a good job to raise the capital for the seed money, and on the night and week ends go find a real estate mentor and work with him/her for a while and see if you even like doing real estate work. maybe even become a professional and get a real estate license. then once you are confident in what you know. you will have the seed money for the deposit of the house and get your team together of buying properties and you are on your way to success.

You will have the seed money for the deposit of the house and get your team together of buying properties and you are on your way to success.

It's much simpler (in my opinion), and much easier to justify accounting decisions if you ever get audited (accounting matches up with bank/credit deposits, withdraws and charges).As for how to handle deductions, with flips, the houses are considered inventory and all costs (purchase, rehab and sale) are considered cost of goods sold (COGS).

Most of our sec 8 rents arrive via direct deposit.

Large deposits and prior relationship help however don't always guarantee the ability to get 7 year fixed loans.

At closing be sure any last month's rent and security deposit are accounted for and you handle them property.

I know this all seems scary and new but when you are knee deep into a deal you need to take control or the other person will take the lead.So, pick a number you are comfortable putting down as your deposit.

What if I put down a $10 deposit, and the contract runs for 30 days...if I haven't closed after 30 days, is the contract nullified and all I lose is the $10?

@Sam Abe As far as the return of their deposit that can vary from state to state and city to city.

Further, a well documented check-in/check-out process with upfront expectations will help you from dealing with the headache college students that usually think the landlord is "out to get them" or just going to keep the security deposit.