I don't get naked for everyone....but it's part of his job...he needs access to my ummm errr "property".Seriously, I have been thinking that maybe I should have two lockboxes....one for the stage when I am having numerous people in and out...and a second once the rehab starts and I begin to have materials/appliances/etc delivered to the property. 

Originally posted by @Bac Nguyen:Also, you need to have an entity (LLC, S-Corps) for tax write off. ...Wow, some misinformation in that paragraph that hasn't been pointed out by the numerous intervening posts - so be careful when taking advice from Internet posts ;)  Where are the accountant and CPA BP members when such non-sense gets posted?

Petersburg/Clearwater area is known for its fine quality of life, recreational activities, and progressive community business atmosphere.It is part of an area sometimes referred to as the Sunbelt, which extends into the Orlando area and contains numerous vacation attractions, including Disney World, Sea World, Busch Gardens, and beach area resorts.Hillsborough County is geographically located midway along the west coast of Florida.

PODCASTS - take of advantage of the BP podcast, but also the numerous other podcasts out there that will help you formulate plan and help get your first deal.Enjoy and the best of luck you! 

I am a member of the local REI club and have attended numerous meetings, seminars, etc.

I have read numerous books and researched for countless hours on house flipping and after reading The Book on Flipping Houses I felt that getting involved in the BiggerPockets community is my next step.

A business plan doesnt need to be formal, but it does need to include WHY are you investing in RE, what is your strategy (i.e. flipper, buy and hold, etc), when do you expect that strategy to work and NOT work (e.g. what market conditions are better for flipping vs buy & hold, what has to go right for a deal to work, what could go wrong to make it an epic fail), what type of properties are you interested in and WHY, what types of markets/areas are you interested in and why (i.e. war zones may be good cash flow but you have management issues, high end areas my have low management headaches but smaller cash flow), be honest with yourself about what you can/cannot do (e.g. if you are handy, can you do repairs yourself?  

In a war zone?

Take numerous trips a year and many times work only 3 days a week. 

You don't want 50% partnership with a person who allows their investment properties to fall completely apart and run their business into the ground.If you are unwilling to wait the 6 to 9 months it would take to approve a short sale as well as take a chance of getting into a bidding war with other investors who could jack up the price to get the bank to sell it to them,then you need to do an itemized list of necessary repairs and show it to the current owner and demand controlling interest (51% or more) so you alone decide how to handle the property in the future until you can buy them out completely in a few years.