I'm committed to trying Quickbooks Pro Desktop for Windows to handle the books for a 12-unit property I just closed on.

Miller, Haviland Ketter CPA's are the best... and can handle both MO and KS for taxes... professional and won't break the bank . 

I challenge anyone here to find a >780 FICO creditor's (eg, not credit karma) credit report that does not have this comment on it. :)- I have no idea what would appear if you literally had a perfect credit score.

Yes you can do that, but of course the IRS can always challenge your valuation if they feel it does not reflect "fair market value".

Then you'll need an architect / engineer to draw up the plans for you, they'll be lots of site work and you'll need a builder like me to handle construction for you.

@Odie Ayagaof course - if there's enough equity to cover the sum of all debts, there's profit.the biggest challenge i find when i look at a foreclosing property is to "know" how many loans does it have, and so there may be an unseen debt from senior positions.of course i could run a title search but its not fun to spend a hundered bucks on every property only to find out 90% of them are underwater.

Hi Billy,Sounds like an ok deal to get your feet wet.As you listed out there are pros and cons to the nicer areas vs lower cost areas to invest...the biggest challenge others face in your shoes is actually pulling the trigger and getting the first deal on the books.

Now for the good news: if you're simply acting as a rental collection service, or Contractor who handles repairs - you're fine without Licensing.

We are am working with a knowledgeable real estate agent, but I was interested in input from Bigger Pockets to get a fuller understanding of the challenges and opportunities. 

I know there is a lot of hard work involved and I am up for the challenge!