Long story short, I held onto the house, @Vincent Grant, I too would have regretted selling it.

Smokers are NOT a protected class.Pets are NOT a protected class.Service animals are a completely different story -- a service animal should be treated like a wheelchair or other medical device.

I hit the ground running early late last week and found a FSBO motivated seller that's moving to Dallas, TX but needs to sell his vacant home before he can move.THE FACTS:- Home is owned free and clear - 3 bed/ 2.5 bath / 2 story home- In a great "middle-class" family neighborhood.- Currently vacant.- Built in 1987 - No repairs needed (so he says. haven't walked through property yet though.

Hello I am new to investing and have been trying to learn as much as possible in the past year.My entire family knows of this and my in-laws came to me with an idea to "help" me and also would be helping them with a Real Estate deal.Back Story- My wife's grandmother passed away last year and the estate, two properties, are to be sold and the profits spread out among the 6 children.

@Scot HowatFirst, I will echo everyone's request for more details on this one including how you originally found the property.Second, to the point made by @Jeff S, you don't see enough stories like this on BP and it takes a lot of courage to admit to a loss for whatever reason.

Hope to hear stories of many more successful flips/deals to come!!!

Simple answer is that you don't have any liability for what a tenant gets up to in their home, or at least very little.There are lots of scare stories about forfeiture and all that, but you have to be caught out quite a few times, and known to the cops yourself in the first place. 

Knowing and hearing all the horror stories I realize there are alway way more expenses than you ever expect, so therefore we plan to collect $80k for every property, so we would haven about $30-40k left over for safety margin in which we can use for initial remodeling if needed, and any unexpected expenses that may come up.

For whatever reason, this has relit that fire, and I am looking forward to getting back at it.Anyway, that’s my story.

So, I guess you could say that it was all because of that first purchase.I don't know if my story is interesting to you.