I suspect $200/door is generous on cash flow of a Midwest average SFR after accounting for all expenses and cap expense reserves.Be leery of numbers provided by OOS sellers. 

Do you want to build up a big portfolio, or build up a lot of 0's at the end of your bank account?  

Account Closed hey thx so much i’ll gladly take the help!!!!

I appreciate your thoughts/comments on the following items:- I believe that a separate account needs to be setup for Security Deposit and Collecting Rent.

I also have the added bonus of getting lot rent out of it so the return goes through the roof.If you have taken into account all your recurring costs as well as your "escrow" items such as furnace, roof, flooring replacement, YOUR TIME and effort, and you still net $250/month cash flow, that is a pretty good return. 

Do you think its smart to have seperate bank accounts for your properties?

Have him separate labor and materials to check this.With flooring, I've had a lot of success going straight to flooring boxstores and they will hold their subs accountable for reasonable pricing and save you headache.  

Next time, All repairs paid for by the buyer should be done through a fully funded escrow account with the owner signing off on the scope of work and city permits. 

Originally posted by Account Closed:... if Prop 10 Passes.I just received a No on Prop 10 flyer in the mail saying it has been certified for the Nov 6 ballot. 

First off I am not an accountant but I would probably mention that if he sells right now he would have one large lump sum of money that he will have to pay taxes on.