Hello Rodney Smith from a fellow WNY real estate investor!

Hi @Lee Stephens!

@Michael Lee That makes good sense, appreciate the advice Michael!

http://www.biggerpockets.com/forums/79/topics/151560-anyone-experienced-with-lee-arnolds-system

I'm also looking to start out in the Lees summit area.

@Anthony Lee- I'd like to PM you regarding landlord insurance if you don't mind

Welcome to BP, @Donovan Lee! 

@Christina Lee, The world of attorneys being directly involved in routine residential real estate transactions has shrunk greatly. 

One wrinkle is that the current tenant is month to month and is paying below market rent by roughly $200-300 a month.The Property;SFR in Lee's Summit, MOOriginal house burned down and was fully rebuilt in 2007Current tenant is month to month and rent is well below marketThe Structure50/50 split with a partnerWill likely need a commercial loan as we are going to be borrowing with an an entityThe PlanPurchase property with a private loan all cash @ 10%Get current tenant out, maybe do some minor cosmetic fixes, paint, landscaping, cleaning, etcRe-rent at market rateRefi out the private loanAssuming a perfect environment where we get the tenant out on day 1, and get the property cleaned up and rented in 1 month, would there be a year seasoning period?

Hi @Daniel A Lee Kim,...my posts keep being removed for self promotion... a bit unsure why, but hopefully this posts this time as I'm trying to be helpful!