Additionally, there are a large number of laws.

You need to check you local laws and codes but here in Baltimore is simply means it has to be renovated and brought back up to current code and get a Use and Occupancy permit before it can be used again.

True investors never ever stop.I'm 22 and my eyes just opened up to the world of REI about a month ago and since then read as many books as I could get access to ranging from thinking like an investor, real estate, land-lording, accounting, law, taxes, marketing, negotiating... coming across BP was just the icing on the cake and overwhelmed me of the wealth of information that was on here to add to my arsenal.

We hit .6 and game over - martial law.

If I were a landlord, I'd have to suffer tenants, and there are laws about their rights.

That will depend on the laws and procedures of the sale.

I would have to speak with the contractor (check references and license) who will be doing the install to ensure that it will be installed properly as well as check into local laws regarding the upgrade, does it automatically become part of the property or when the tenant leaves will they want to remove the granite countertops because they paid for it.

Talk to the title company and tell them that you want to sell it right after you buy it, they should have no problem setting up a second closing for your sale.Unless the laws are different in your state, but I have been successful in Florida.

----------------------------------------------------------------------Property type - 2 duplexesFannie Mae REOPurchase price $369,000 (includes $40k renovation)Financing - FHA 203(k)Down payment - $8559Out of pocket renovation - $20,000Rebate - $1500Final out of pocket - $27059Here's the monthly cash flow -Duplex 1PITI - $1467.50Unit A rent - $1100 (below market - this is a family member)Unit B rent - $125015% vacancy/maintenance reserve - $352.50Net income - $530Duplex 2PITI - $1467.50Unit C - owner occupiedUnit D - 20% personal use, 80% vacation rental - $1500 (average)15% vacancy/maintenance reserve - $225Additional VR expense - $450Monthly loss - $642 <--- Not quite living for free, but not bad...and my in-laws have their own apartment when they visit!

You will learn the general information on real estate law, contracts, financing, escrow, title, etc.You might even be able to begin working as an agent and help grow your nest egg.