They've been successfully flipping homes all year, and I've been a fly on the wall picking his brain during the entire process, learning everything I can through his trial and error with each deal.

I had to post numerous ads on numerous websites, I placed a sign in the yard, and I showed the duplex about 4-5 times.

The turnover, unexpected vacancy, deception, numerous inevitable repairs, evictions, overall chaos will make it very challenging 

I really appreciate the advice and think the information you provided is great.I was able to access the first article you had referenced, but the latter two articles had a 503 error when I went to read them.

Smaller properties dont have a lot of room for error so shop around for a good PM and insurance carrier and make sure your payroll expense is on point.

But he's only gotten one application despite numerous showings.

There are numerous threads on this topic.

Mike hit the nail on the head.Cross all your T’s because one error can be costly.My biggest issue is that you make sure you are not over paying and are getting a deal on this property.Sometimes owner financing happens in instances where banks would not fund the deal.

I met with the owner yesterday to gather more insight, and he mentioned that the only thing he is waiting on is a commitment, since he has had numerous people approach him about the land.

I own properties in numerous states and have loans with numerous local banks.