Neighborhoods change block-to-block and a B neighborhood can quickly downgrade. 

Any quick notes from the book that may be helpful?

Finally, he did gave us promise start date in July but again did not start and we could not get hold of him.So we informed him via email that he is in a breach of contract and do not enter the property without our presence.We are looking to hire other General contractor and start work soon. 

If you want the contingency in there you could write the contract dependent on getting the HML but if you already know the lender and know that he can close the deal you can make it a cash offer with a quick close. 

I am relatively new to REI, and its great to see how some people start, facing the constant "No's", and how quickly you can grow in a relatively short amount of time. 

Don't expect to get rich quick or make money with nothing. 

So I wanted to share one in case it helps someone on the fence about getting started.Going to try to give the super quick story:  There was a great property in downtown Houston. 

@Chaz Mathias I agree that the market is overheated which is why I would be budgeting to be able to list below market value for a quick sale.

We started with a total of $50,000 from 3 partners and a promise of an additional $30,000 from one of the partners.

My main concern with managing myself is that I live in California and obviously would not be able to respond to emergencies, etc, very quickly myself.