You can always write the contract with an inspection contingency in place.

I spoke with a lender today and they're value as mortgage lenders is that they don't need income verification to write a loan.

Most states require you give 30 days notice in writing.

Get a solid track record of generating leads YOURSELF till you know through and through how, and why it worksThen test, scale tweak improve it.Now you know your system is solid, you turn it into a system by writing EVERY step of the procedure on paper and test it againNow you can hire an employee and have them do that task, Teach them, make them understand the hows and whys and supervise them, alwaysThis is what you need to do.

You'll be able to pull out equity tax free, and then extra tax write offs with the interest paid on the properties.A more conservative approach that I have favored in the past as well is to get a HELOC on the property.

So I essentially operate where if I write the offer and or bring the client the deal then we have a "exclusive" contract on that property. 

I have learned to research the people I am talking to and there are not many in the area that are either willing to give me a correct assessment in writing that I can take to a bank or are willing to take the work on. 

You can google how to write a business plan or buy a book but it can be fairly simple and evolve as you grow just like the goals will change as you move from 1 unit to 2 to 6 to 20.

The ONLY reason you would go with the 5/1 was if you KNOW you will sell within 5 years or you made money as a loan officer writing new loans. 

You’ll actually run into this fairly often so best practice is always for you or your agent to verify with the building inspector prior to writing offer.