I think Seneca and other Stoics should be required reading for investors on BP.For instance, a weekend a month (1-2 days) just wearing the same t-shirt and jeans, eating rice and beans for every meal, and not using a cell phone, while repeating to yourself "is this the life I have so feared?".

The mom & pop shop we bought gave out their cell phones and were available 24/7/365.

Also see how hard it is to get personal cell phone numbers of key employees. 

Which ever lender you go to, that knows what they are doing, should be able to run value on your deal day 1 and give you a reasonable range on leverage and pricing. 

The cell phone reception is poor at best and drops out in some units.Would you install a cell repeater on the property?

If you use the property for personal use for more than 14 days or 10% of the total days it is rented (whichever is greater), it might be considered a personal residence.Tax Classification:The IRS does not have a specific category called "second home" for tax purposes.

Same with cell phone and internet bills.

For our house flipping company, we look for properties in neighborhoods that are fairly easy to comp, we try to buy in the $200-500k as-is range, and then we shoot for $40k or 10% of the ARV as our profit, whichever is higher.

IF the renter is aware of the Protecting Tenants At Foreclosure Act, they would probably exercise the right to stay in the property for 90 days or the end of their lease, whichever is longer.I was renting a house that was foreclosed on in 2009.

I am working on getting approved for funding for my first fix and flip and wanted your opinions on possible doing it this way (without spending much (or any) out of pocket money)Current situation:Business Line of Credit : $15,000 @ 16%Business Credit Card: $10,000 @ 10.9%(Zero balances on both)Liquid Reserves: $10,000 (personal account)Here are my hard money lenders terms:Finance 90% of Purchase + Repairs or up to 75% of the ARV, whichever is lower12.99% APR3.9 points at closing + credit line admin fee (if applicable)2 year termNo pre-pay penaltyI plan on purchasing low at first.