This ongoing discussion is a futile attempt predicated on the failed premise that "apples suck, because oranges task good".

That said, if you go with a smaller brokerage, the costs can be pretty low, and can easily be recouped by doing a single deal per year.Here's what my wife and I pay to maintain our licenses with our broker (this broker is relatively big for our area, with 3000 agents):- $68/month to hang our license (this includes insurance costs)- $300 out of the commission paid to the broker for every transaction (we keep the rest of the commission)- On-going education courses (we need an average about about 6 hours of continuing education per year, but many brokerages offer these for free.

I agree with David that the extent of the rehab on the older house could take away that expectation of higher ongoing repair costs; it just depends more on what major systems are in older shape and left that way.Since you are buying out-of-state - turn-key basically - whether the rehab sufficiently addresses everything is something to worry about ...

., half month free for move in) or an ongoing discount (e.g., pricing your unit below market rents.)Principle and Interest payments are NOT included in the 50%.This is also a long term average.

Once i take ownership, my wife and I are planning on going to Detroit to view the property and scheduling a home inspector and several GC's to come take a look at the property to let us know what exactly needs to be rehab'd.

Read everything you can get your hands on - go to every meet-up and REIA you can find - then JUST DO it.  

Just remember there is no magic wand to get it done in one week - it is an ongoing education and learning process.

The broader definition casually used includes all these aspects under "real estate investing", but I would argue that an investment should involve a ongoing stream of more or less passive income. 

Having a solid contractor is extremely important to your ongoing success with flipping.If you ever want to bounce ideas off of someone, I'd be happy to grab lunch/coffee, or email/message back and forth. 

Greeting.I wanted to try to get some advice on going to my first auction.