I've read over and over again on the forums if you live on the west coast just invest out of state, but I would prefer to get started around Seattle to grow a portfolio.Very excited about this venture and entering the realm of REI.

.- I sold my home on 1 lot and kept the vacant lot to sell individually.

.- I sold my home on 1 lot and kept the vacant lot to sell individually.

The property under contract:  I found a 3/1 930sqft pre-foreclosure bungalow off MLS listed at $185k, I am using conventional financing but was able to beat out a cash buyer by asking the wholesaler what profits they were expecting to make and cutting them a $10k check and entering into a contract with the homeowner directly at $175k.

Any broker or individual investor who values a non-commercial asset using commercial metrics are only showing their ineptitude. 

To be successful with this, I want to focus on working with one individual/company at a time.

Enter the Reverse Exchange codified in Rev Proc 2000-37. 

Despite entering into a contract to buy properties, he made up a series of ridiculous excuses, changed his financing source at the last minute without disclosure, refused to communicate at all simply ghosting the transaction.

At a minimum, you need to verify their identity and their criminal record.I generally combine their income to meet my standard of 3x the rent but if there are three or more unrelated people renting together than I require each individual to make a minimum 2x the rent.

For the expense side, I would enter the bills, then oay.