I left my 9-5er (not wholly by choice though...the company didn't really leave me a choice due to a buyout which would have dramatically and negatively changed my employment, and I just happened to be working on my first flipper at that time) and I was ok...AT THAT TIME.

If you can leave it to the math, you'll be right on track.

The utilities are not split (so they are currently included in the rent), but once a tenant moves out we plan to split them and make the tenants pay them.We plan to offer $25,000 and assume we can negotiate to $28,000.Using Mike's 50% operating expenses, that leaves $500 for NOI.

They may not go for a 80/20 situation because then you have no skin in the game.

If there's a lot, then you can take a cut and still leave room for another investor.

no problem....as long as you can pay all mortgages off .....which in this case ....if you have a buyer for 209k......out of that 209 you use 130 to pay off the first......65 to pay off the second......that leaves you 14k to pocket.....and of course minus any closing cost..your responsible for...if you are assigning it to someone....then you can pocket the 14k....now you also have to take into consideration....what the home owner needs too......as in this case he owes a total of 195k......and if he needs 5k to move on.....you have to take a cut on your fee....therefore your new fee will be 9k.....so you get a contract to buy for 200k.....and assign it for 9k ......and you can pocket that.

At least that is implied by the way the drive mechanism is shown.Coming back on topic maybe we just leave the thread to die as no one will stand still if they participate.John Corey

You want someone who has a stable business and who is seasoned enough to know what they are good at and what they will leave to you.2.

Thanks again, Ill advise as we progressMattMatt,To elaborate a bit.You want the maximum cash in your pocket so you can move on to other deals and lower your exposure to this deal.That could mean proceeds from a loan or a down payment.The down payment is all about the buyer having skin in the game.

The scripts should serve as a guide for remembering what to say and not leaving out something important.