In reality, the property is not, and you're just earning a return on your money.

The second advantage is the extra time to get your life back in order.

The nice part is I could easily float the mortgage with just extra money that I am socking away now so even if I was tenantless I'd be just fine.

I guess I figured if I was able to have the rents pay the mortgage for a 330k house, I would be doing pretty well - considering in 10-15 years (if I was making extra payments towards the mortgage) I would have 330k in equity.

Carry extra fliers in the car.

I'm hoping to be able to wholesale a deal or two while I'm flipping this one to generate some extra cashflow while my money's tied up.Any words of advice for a wannabe wholesaler?

It looks like there is just an extra step in the process, but I'm sure it also varies greatly state to state and depending on the type of BK.

You could always buy a SFH and rent out the extra rooms in your house to your friends or even people that you dont know.

He also said, since its the model, that it would have all the extras, and I could choose what I wanted in there (granite, better fixtures and appliances, etc.)

Hard Money Lender will lend up to 70% Repaired Value so if you buy it for 40-50% you can use extra funds for the rehab costs.