"Depreciating asset" - never quite heard it put that way, but I like it ;)

Wholesalers help other wholesalers out and quite frankly if your not in that circle then yeah you may pay a price higher than per say if you are dealing directly with the seller.

Then I quit!

Honestly, I'd suggest you start replying to every real estate related part-time position on Craigslist and line up a job there so you can quit your current job.

It's not quite apples to apples for me this time since my last property was bought in 2010 when the market was a lot less competitive, but *knock on wood*, it's looking like deal-wise this one will be comparable to rental #1 (the duplex), and be better than #2.

----------------------------------------------------------------------Property type - 2 duplexesFannie Mae REOPurchase price $369,000 (includes $40k renovation)Financing - FHA 203(k)Down payment - $8559Out of pocket renovation - $20,000Rebate - $1500Final out of pocket - $27059Here's the monthly cash flow -Duplex 1PITI - $1467.50Unit A rent - $1100 (below market - this is a family member)Unit B rent - $125015% vacancy/maintenance reserve - $352.50Net income - $530Duplex 2PITI - $1467.50Unit C - owner occupiedUnit D - 20% personal use, 80% vacation rental - $1500 (average)15% vacancy/maintenance reserve - $225Additional VR expense - $450Monthly loss - $642 <--- Not quite living for free, but not bad...and my in-laws have their own apartment when they visit!

Hopefully I can get a lease on our unit before we move out so the debt to income ratio starts to look better.We also thought about quit claiming the current one to the LLC I have with my dad for our other properties and refinancing it into his name so it would open my credit line back up.If we do that though, the banks might want him to have at least 20% equity.

When I met my hard money mentor 20+ years ago I could not longer pull the wool over his eyes and he was quite direct about values with me.

Erik, I live In Columbia SC but visit DFW quite often.

Initial cash on cash returns here are lower than say the Midwest, but I like my deals and feel good about the two neighborhoods continuing to gentrify and there is quite a bit of value I can add here as well, which I have started to do.