@Dustin Cook I like it.

Tenants pay their own electric and cooking gas.

Major companies on wall street cook their books all the time.

Just enough leaving enough meat on the bones for the investor to satisfied with the profit they make.

It is a 203k loan and they quoted me at 4%.ORIGINATION CHARGE 2,952.54CREDIT REPORT(S) 11.77APPRAISAL(S) 685.00FLOOD LIFE OF LOAN FEE 19.00TAX SERVICE FEE- FHA 80.00CONSULTANT FEE-RENO FHA 700.00TITLE INS-LENDER COVERAGE 25.00TITLE INS-OWNERS COVERAGE 1,000.00ENDORSEMENT TO TITLE-ALL 100.00CLOSING/ESCROW/SETTLEMENT 1,145.00RECORDING FEE - DEED 140.00RECORDING FEE - MRTG/DOT 260.00STATE TAX STAMP - DEED 868.00SURVEY 750.00PEST INSPECTION 95.00COURIER/MSNGR-3RD PARTY 100.00FHA UPFRONT MIP 3,124.91Estimated closing costs amount to just over $12,000.

I'll tell you this, wholesaling was tougher to get started than this BUT if I were using a hard money loan on this deal I'd be dead meat right now!

- I just wasn't clear on that - there does not appear to be a lot of meat on that bone, did I misunderstand?

I've been in houses with 30-40 year old stoves that still cook dinner just fine.

My total electricity bill for lights, A/C, cooking,, everything ran $150 or less.

It's a good idea to figure out if there will be enough meat on the bone for a flipper but there are other types of buyers out there.