First of all, I have to respectfully disagree with Ali Boone.

Selling the house for $100K would likely be a great benefit.If you are wholesaling and have already established that the ARV is $200K then, depending on the repairs required, this could be a good deal.

Yes, it is great to start young, as time respects no one.

I tested several outlets on that circuit when the lights were plugged into their respective outlets.  

\,,,,the lender is just interested in the sellers income and ability to pay.In a word ,,one guy says can & one guy says you cant and I like and respect both these guys and have spoken to them many times.Both have great reputations.Needless to say this really changes the "Paint Job" on my explanation of Lease Purchase to possible Sellers and  Tenant  Buyer Candidates I talk to every day trying to do Lease Option deals and I need to form an intelligent opinion about this issue.Any help greatly appreciatedDave Doyle

\,,,,the lender is just interested in the sellers income and ability to pay.In a word ,,one guy says can & one guy says you cant and I like and respect both these guys and have spoken to them many times.Both have great reputations.Needless to say this really changes the "Paint Job" on my explanation of Lease Purchase to possible Sellers and Tenant Buyer Candidates I talk to every day trying to do Lease Option deals and I need to form an intelligent opinion about this issue.Any help greatly appreciatedDave Doyle

@Damien Cox If you are finding a lot of seller leads that are under water, you may want to find a short sale specialist in your area and establish a relationship.

Establish a go/no-go criteria regardless if its a MLS or foreclosure property, decide on what types of properties you want in your portfolio.

If you've already established that these properties meet your criteria for quality/area/condition then no, I don't think you should worry about the 6K. 

Hi All,As there are many well established, and up and coming, rental property investors on here I figured I would ask this question of you.I hear many different options for financing your first rental property.