I also think this is one of the great opportunities for folks to understand the business.

It's also convenient that you live close to the property, which allows for easier management and oversight.As for financing, I understand that your bankruptcy in 2017 has posed some challenges for securing a loan.

Rate increases might have an impact on the viability of the negative cash flow approach.Personal Risk Tolerance: Understand your own risk tolerance and financial goals.

Just to understand the process better?  

So any advice you get here should be used in the areas where the poster is from with the understanding that they might not work in your area.That being said here is what I think: Your current residents drove their family member to sell the building because they were happy to take advantage of him or her. 1.

My understanding of a 1031 Exchange is that you find a third-party administrator.

Specifically, I want to understand how you track your daily activity and to what level of detail?

Here are some harsh truths for you all.The problem with people having problems with how to wholesale is that they have no clue what their problem is.They all ask questions about how to find cash buyers, how to do cold calling, how to do DMM, how to wholesale on the friggin MLS.The one simple reason so many have problems wholesaling successfully,  is because they don't understand that when it comes to wholesaling and anything REI, it is all about lead generation.Lead generation is not about targeting motivated sellers.

That being said I understand the difficulties of property management and renovation in these areas.

What people does not understand is this :if you just want to get cash-flow, people can just invest in note funds for 8-12% ; BUT you could do the same strategy with portfolio of hedge-dividend stock that also gives 9-12% SAFELY.