Admin: Your office, contract, legal, generally paperwork business.Operations: Your management, repairs, contracting, the physical business of real estate.A&D: Lead generation, offers, networking, essentially your sales arm (to view it from a traditional business perspective).What's interesting is that the book emphasizes hiring a full-time A&D role, last.

But thanks for mentioning the Notice of Default because that's essentially what I was getting at.

This post has provided me with essential questions, I need to ask and several other companies, I can research.  

Christopher,I'm essentially in the same boat.

Our outside tax counsel has been involved in two of them, and his comments were essentially the same as above. 

There is a lot of essential information on BP and helpful members.  

I used to be with Equity Trust but when they essentially said I could not have a checkbook LLC, I moved to Sunwest Trust.

That principal portion paid by the tenants is essentially an increase in your equity in the property therefore you add it back.  

I thought because you essentially own the house refi it worked more like a home equiyty loan

Since I am not local, I have been working on a co wholesale basis with a couple of other active wholesalers, essentially bringing my buyers to their deals.