@Carolyn Keller I would have asked for an adequate security deposit when they initially moved in.

The payout is usually 15%-22% of the initial GAP investment (although seen others as well).

Hello Bigger Pockets Community,I wanted to share my experience so far on a fix and flip that has gone WAY over our initial budget.  

He botched the initial sales deal, costing me $30,000 from the initial offer I received, but I was finally able to sell. 

Plus, these would still generate positive cashflow at their current listing prices.I wanted to get some opinions on turnkey properties, any other pros or cons.  

It is a single-family property but will likely be rented to college students to generate some cash flow.

I don't like cutting corners and want to deliver a solid home as we all do but it is an old home, my inspector missed the pit and the plumber I am currently working with initially missed the pit too, when I pointed it out he found out that the whole plumbing system was toward the end of its life. 

Just still a little gun shy about what process i should take to initiate my first deal.  

Not meeting the 1% rule, BUT initially I would live in it.

In hind sight this is the one thing I really wish I would of done on the initial contract.