G'Day everyone,It's your favorite Aussie here again and The Real Estate Dingo.Not too long ago I posted about a property that I lost $25,000 of my hard earned CASH - Ka Ching Ka Ching $$$Click on the throwback link as a reminder - How I Completely Lost My A$$ On This DealI am writing to you today with my head held HIGH and my tail wagging as I just made a $30,000 profit in this awesome deal.There was not much that went wrong with this one besides the odd unexpected rehab expenses.

Same deal...low rents, poor management, seller wanted out and this time held a second mortgage.

With the cash flow of $1,500/month minus cash out costs...you would have still held out for conventional buyer?

Are you buying a county held property(previously foreclosed) or directly from the home owner?

The seller held $35,000 amortized over 30 years with a balloon payment after 5 years.

If there's a management company, they should be going directly to management for deposit. 2) Unless the bylaws and/or declaration specifically state how many board meetings must be held, the board would not be required to hold any meetings unless there is a decision to be made.

Brokers and agents are held to a higher standard dealing with the public being trained on contract law and best practices etc.No legal advice given. 

Looking back on it I should have held on to it...

After reviewing the info from the seller, you may want to write it up and have the seller sign it under oath and give you an indemnity so that it a tenant says later he gave the seller a deposit that should have been held but it was not mentioned by the seller, you can go back after the seller for it.You certainly want to know from the seller/landlord if there are written leases or if the tenants are month to month.

So I have held to first and last at lease signing.