He is generating $150 extra after mortgage, bills, and saved costs for repairs.As we move into the direction of life and family future, we are looking at ways to create more financial freedom.

Numbers aside, If he is willing to hold the note you will still probably need a down payment to get into it and some reserves once you are operating the property until you can refi it.

You could even go a step further when generating the contract and create monetary incentives for hitting milestone dates (i.e. $300 bonus if roofing is done before July 1)

I don't have any earth shattering secrets you can't find in books, but I can share actual experiences, timelines, prices, rehab costs, insurance costs, rental roles, property management and tips for how I've created a 19 unit portfolio worth almost $1M and generating over $100k annually inside my IRA, starting from a relatively small initial investment.  

My initial projections based on a buy and hold analysis are:$1550 a month in income(Lots of assumptions here)$904.78 monthly expenses(Including maintenance, management, and the vacancy rate)$645.22 monthly cash flow23.45% pro forma Rate$9240 net operating incomex 50% for expenses equals $775Monthly interest/payment equals $124.78Total monthly cash flow using 50% rule equal $65082.90% cash on cash return on investment30.90% purchase cap rateTotal operating expense $780 dollars a monthAs I stated earlier, the house is close to downtown and the State University.

Selling that property and moving to a cheaper locale would go a long ways towards generating a next egg.

its probably not much but if it is.. you want to know first hand. if this is your first deal.. its worth the few hundred bucks in my mind.Just think of all the Morris invest clients that if they would have just spent a few hundred bucks to go look at their project they would not be in such dire straights.. but if the TK operator is top notch like a few are there.. you can probably take their word for it.but again if your worried just run out there for a day.

When someone has a verified buyers list which includes equity investors that are looking for off market inventory in FL and GA, and they are willing to work with you in their operating regions, how does wholesaling work in GA and FL?  

Total Insurance Estimate $ 262.50 Current rent $ 800.00 $ 9,600.00 $ 10.40       $ 21.88 Less: vacancy allowance - 10% $ 40.00 $ 480.00         Net Rental Income $ 760.00 $ 9,120.00   Property Taxes 2.5264% $ 505.28 Plus: Other Income $ - $ -         Total Income $ 760.00 $ 9,120.00 $ 9.88                 EXPENSES         Property Management $ - $ -         Repairs & Maintenance $ 100.00 $ 1,200.00         HOA $ 250.00 $ 3,000.00         Advertising & Legal         Insurance $ 167.00 $ 2,004.00 $ 2.17         Total Expenses $ 517.00 $ 6,204.00 $ 6.72                 Net Operating Income (NOI) $ 243.00 $ 2,916.00                 Less Debt Service (PI) $155.06 $ 1,860.72 $ 2.02         Less Property Taxes $ 42.11 $ -                 Net Cashflow $ 45.83 $ 1,055.28                 Operating Expense Ratio 68.0% (Total Expenses/Total Income)               MORTGAGE INFO         Total Loan Amount $ 20,000         Type of Loan Seller Financed         Term (Months) 240         Interest Rate .07         Down Payment $ 2,000 10.00%         Monthly Payment (PITI) $155.06                 Purchase Price $ 75,000         Closing costs $ 3,000         Rehab $ 7,000         Total initial investment $ 85,000                 LTV 27% Loan Amount/Purchase Price         Cap Rate 4% Annual NOI/Price         Cash-on-Cash Return 146% Annual before-tax cash flow (i.e., NOI)/Down payment    

However being passive in syndications may work for someone busy with other activities, say flipping and generating enough cash to reinvest and to continue flipping.