@Theresa Harris Yes I have as well as detached garages but those seem to be a little over my price range, I am barely 20 years old and do not have tons of cash, I have about 20k saved up.

In other words, a business plan should absolutely contain goals, but in addition, it should contain action steps to achieve those goals (MILESTONES), discussion of how you'll afford to work towards those goals (FINANCING), an overview of who is involved in achieving those goals and their specific roles in the operation (BUSINESS STRUCTURE, BREAKDOWN OF RESPONSIBILITIES), substantiation for why those goals are achievable (MARKET ANALYSIS, COMPETITIVE ANALYSIS, CUSTOMER ANALYSIS), a discussion of the obstacles/risks standing between you and those goals (RISK ASSESSMENT), and how to mitigate/circumvent those obstacles/risks (RISK MITIGATION, ALTERNATE EXIT STRATEGIES).Do you need to write all of it down?

@Kevin Hart In this market I think is best to have multiple Exit Strategies...especially if this is your first rehab...By getting pre-qualified for the refinance up-front it will help you look better for any hard money lender because they will know that you can refinance them out of the deal...Always go into every deal calculating your cost of holding and Hard Money into your deal ahead of time so they are accounted for and your Profit is built in.Since this is your first rehab a couple things to keep in mind...Every market is different for Hard Money, Market Times, Resale Value, Appraisal Values, etc...Know your long term objective 3-5 years from now...try to find other successful investors in your local market that may mentor or coach you through the process...I have been in your shoes...there are 100 different obstacles that can come up during a real estate deal and a rehab there is even more...not every scenario will occur on every deal - maybe 5-7 of them will happen...When you're new to rehabbing everything seems like a big deal - sometimes they are, but many times they are not...but you don't know the difference when this is your first few times doing a rehab and therefore you may have to rely on contractors or realtors...the problem with them is they are not totally objective in their advice and therefore may not give you the advice that is in your best interest...or worse they are giving you the advice that will put the most amount of money in your pocket...Generally a Contractor or Realtor is not a good coach or mentor(unless they are investors too), generally if they are making enough money investing they are not contracting or still working as a Agent...There are always exceptions to the rule...In my experience one mistake for a beginner can cost you a ton of money and even put you out of the rehab business.

My son is doing this on his first single family detached as he bought in a more expensive area that wouldn't cash flow so well but it's where he wanted to live, so basically someone is paying half his mortgage for him.  

Now for the second obstacle It sounds like they still have some issues to work through and you can put them  on a drip list.

Mostly detached single family homes.

(little bit scare to use them) My biggest obstacle now is to find solution about funding.if any advice or recommend are welcome especially funding company for new dummy investor this site is so Huge and a lot of info...for a while im digging here and there...whenever see me say hello!!

If you find a property that cash flows or comes close to cash flowing after including all expenses (and be conservative for example I use $300/month for cap expense for a detached normal size rental) then the property should be evaluated for its appreciation potential (both rent and price appreciation).  

So... here is the background story. i inherited a property with my sister as a 50/50. probate is about to end and i have to come up with a decision on how to move forward. my sister lives in ny and doesn't care what happens as long as she can detach from the property. the house is worth 200k. 1: i can either sell it and pay all that fun stuff that goes along with selling a property and use the difference to invest.2: i can buy out my sister for 100k, take her name off with an Assumption, and rent it out with a cashflow of $1000 a month mortgage free.3: i can buy out my sister for 100k and take her name off the, take her name off by refinancing, refinance for 100k get my money back (to invest in other properties), and then rent it out having 100k equity, and cashflow would be around $500.after a long time debating i think the 3rd option was the best but after asking Brandon in the 727 webinar he said that 3 sounded like a good idea but i had to be careful since I'm taking out a large chunk of cash. he looked tentative to say yes. i felt like he was holding back.

The roof appears in decent shape, it is on a nice sized piece of property with fenced front and back yard and detached garage with alleyway access in back.