Thanks Jim and Matt for your quick responses.Guys, I'd like to pursue this capital expense thread a bit more if I can, because I'd like to get a better feel for what reserves need to be put aside for all of those curve balls that can come your way with an older park, goven that an older park is the most likely scenario for many newbies. 

So I'm thinking I should offer this guy in prison something in the ball park of $23k to buy the house and put a little change in his pocket, then rehab the house (which is in rough shape, could take $40k isn) and then either rent or sell the house.

They know investors will start out will low ball offers that are the reason they play games in order to get their price.Joe Gore

I think that's a big one to keep the ball rolling. anyways welcome to the site even though its late in saying :) and best of luck!

There's always the option of low-balling if you think the seller is asking too much and they may take a low offer if it has been sitting for a long time. 

Based on those values I would be willing to pay $40,349 to $29,199.I don't know the market cap rates in your area or your personal required rate of return but you seem to be in the ball park.Good Luck.Bill

If they are the least bit on the ball, they have the potential to slow down or gum up the development process.  

Understand why investors put seemingly low ball offers in. 

If nobody will play ball, then use private/hard money lenders for a year or two until you have the portfolio and tax returns to support bank loans. 

After a month of studing real estate and attending local meetings i feel like I am prepared to at least get the ball rolling but my question is, is there really any money in being a wholesaler and if any of you guys are in the chicago area can you elaborate a little more about the market here any help would be appreciated thanks