I'm sure I'm missing some steps but you get the picture. 90% of success in this business is getting off the couch, finding deals and showing up.I hope this helps.Good luck

The first step is to get clear about what your potential partner wants.The second step is to find a deal that gives him what he wants, and keep what's left over for yourself... could be 10%, 50% or 75%?

But, one missed step and the whole house of cards will come crashing down.With a good liability policy there is nothing wrong with holding properties in your own name, there is nothing wrong with holding them in a trust or LLC or corporation.

I agree, good contractors are hard to find, but it appears this guy has stepped out of his expertise.

From my personal experience I have done most steps described in the post and now that my business is at more than two years my personal credit is used less and less.I am new to this site so I am unsure if I can provide the articles link.

I assume you can roll paint, so while you have these contractors lined up, as them what the cost would be, see what paint costs along with your materials and consider your time, doing this may save you some money on small things you might do yourself, but you can present the bids and the appraisal to base your offer on.You also need to explain that an appraisal is an estimate, not a true value and that you need to make a reasonable profit if you are in the business and justify your offer.Saying older lady doesn't mean much, if she is elderly I suggest you take some additional steps after you get a contract and that is to involve some center of influence, her kids, her attorney or someone who may advise her.

I guess I just need to find out the right direction to take those steps at this point in time.I would love to build a portfolio of cash flowing properties, but at the same time I understand the power of being able to leverage debt and build equity even if the property isn't producing a real strong cash flow at this moment..

If the deal is already under contract you can be back-up and in the event the 1st investor doesn't close on it you can step in then...Kudos,Mary

My goal is to start networking and taking the steps I need to in order for me reach my goal of owning multiple high rise buildings as well as a few smaller multi unit properties.

I am glad I decided to stop paying low rent and purchase a house before investing to see all the steps involved.