Then moving into fix and flip and eventually, holding properties for passive income...Over teh last few months, I have engaged myself in extensive (REI..) training.

Still ironing out details but preliminary return looks like it's going to come in the the low 30's profit.I'm stretched on other investments at the time but don't want to pass this up.

The fee amount is determined by the PM without any justification required or need to provide a receipt to the payee, it ranges from $0 to over $1,000, has little if any relation to “claimed” work performed, and if not paid the home can’t be sold.

You can get the answer for free, but you will need to be familiar with how to perform a title search. 

It is important that you perform the necessary due diligence.

Looking at your numbers, I wasn't clear how new the home was, so you might or might not have included enough for repairs but what I have found in my own portfolio is that when you get a few houses or buildings under your umbrella, you might have ONE that doesn't cash flow one year because you had to dump alot into it, but the others carry it, and the overall portfolio performs. 

They can be renovated into performing rentals at an acceptable cost.  

@Karl Johnsonyou can set a fee to set up the deal and marketing for the buyer.Paid by seller, buyer, or both.Land contracts, wraps, and free and clear installment sales also can be contracted for.You can not guarantee the performance of buyer to receive permanent financing in the future.You must use a RMLO - registered mortgage loan originator -  to protect the seller from buyer creating a lawsuit over Dodd Frank's Ability to repay rules.You must use a payment serving company to protect the buyer from seller not paying the PITI.Once you learn these strategies, you can assist pretty house sellers sell on terms and challenged home credit buyers buy on terms.Caution: Make sure buyers go through the RMLO.

The extension also retroactively covers mortgage debt cancelled in 2015.Our house also got sold at Auction in Dec of 2014.  

I have been actively acquiring Notes for passive cash flow since that time.I like the the passive nature, the safety and the cash flow that I receive from Performing Mortgage Notes.I upgraded to BP Pro & upgraded my profile.