Keep your repair receipts to justify mark up on home.read this...Seller Seasoning:Seasoning <90> 90 days but < 12 months, a second appraisal may be required if the re-sale price is 5% or greater than the lowest sales price of the property within the past 12 months.Property flipping is a practice where recently acquired property is re-sold for a considerable profit with an artificially inflated value, and is ineligible for FHAAlso attatched is guidelines for FHA loans Hope this helps

My dept. is currently battling with an FHA rep. who will not approve an FHA loan on an REO we have for sale because he is classifying our practice of liquidating REOs as "Flipping".We recently aquired a portfolio of NPAs from Lehman Bros to service.

You could make as much money managing property for others without investing the money to buy your property.Costs like turnover costs and reserves for capital improvements may not happen this year or even next but if you are not planning for them they can sink you.

An attorney is exempt as long as the attorney is not affiliated with the company doing the work (i.e. an attorney in the practice of law would be exempt, not an attorney hired by the company to skirt this exemption).

This will take about two years or so of solid practice and work.

So, after replacing some carpet, painting the whole place, and some other minor improvents, here's where I'm at.Expenses $9600 (including everything but mortgage)Income $17300Expenses=55% of gross rentsDuplex 2I've owned for 8 years, and it was 3 years old at the time of purchase and needed nothing but a little touch up painting at the time.Expenses $31200 (including everything but mortgage)Income $104200Expenses=30% of gross rentsTotal expenses between the two = 34% I do expect this number to go up a as the property that is now 11 years old starts to need more repairs.

David Allen's Getting Things Done system is frankly the most intuitive and practical system to organize tasks and life I've ever seen.

Punctuation: 1.the practice or system of using certain conventional marks or characters in writing or printing in order to separate elements and make the meaning clear, as in ending a sentence or separating clauses.

Finding properties for another party for a fee without a real estate license is the illegal practice of real estate brokerage.

I am not a lawyer but it is my understanding that minutes and annual meetings are not required of LLCs in most states however they are good practice.