And when that deal doesn't materialize because you know nothing about everything related to real estate, well, just get out that credit card and we have this script to help you bump up that credit line.

Material to the case (IMO) is the written documentation on when you fired the PM, citing the "cause" (negligence) and any of your actions with the brokerage company and the REC.My guess (and it is just that) is a small claims judge would dismiss a small claims case like this unless there was a REC file showing 'cause'.

It's always nice to have some extra upside in your numbers.As for the rehab estimate, if it really only needs cosmetic + cabinets + appliances, you're probably looking at less than $40K, unless you're using high end contractors and/or materials.

I wouldn't hand them materials before shaking hands, I'd see how receptive they might be and go get them if they would like to see them.No one likes someone looking over their shoulder while they work.

Get proof of that income and verify that it is consistent (same in Jan 13 as Jan 14) and not dependent on oil prices or production levels or some other external factors that she cannot control.In addition, I think the $3K on $1600 rent is pretty slim, I would want to see the persons last 3 mos of bank statements to see if they have some savings built up or if they are living oil check to oil check.I would not be excited about renting to 2 unemployed adults with 3 different pets.

He bought the houses really cheap from sellers or the bank because most of the others didn't want it.He could do the foundation work for just materials and a fraction of labor with his company for cheap compared to other flippers and make really fat profits of 50k or more.So that's the advantage in that you find a company that specializes in the problem your property has and to them they can rehab and make the numbers work where others just see risk.All the best.

Specify exactly what material is to be used and who pays for it.

I have been devouring material on this site, and it is quite amazing the number of ways a deal can be structured.

Thanks for the advice and the reading material.

If you do not, you can trap yourself behind a purchase price that does not provide you any income if you decide to hire on external Property Management in the future.