With fewer doors you have fewer kitchens, bathrooms, water heaters, roofs, etc.

It also means not leasing or financing a car, opening a new credit card account, or anything else that can affect your credit report.Part 3: The closing itselfThe closing process itself takes place at one table (either at the office of an attorney or title company), where buyers sign all documents related to their loan and the transaction itself.

No. 96-68 (water meters); 98-55(promissory note underlying contract for deed)."

@Karl Harmon  There will also be other expenses that you may need to pay such as water, sewer, garbage. 

I personally think househacking is hands down one of the best ways to dip your toes into the water of this business IMO.

GeoffCosts Due at Closing Points: 3% of loan (one time) [only financed at 70% of ARV]Origination Fees: $1,020 ($400 document processing + general administrative costs, $575 legal fees - preparation and review of all documents, $30 application fee (charged at closing), $15 flood certification)Appraisal Fee: $400 - $475 (paid directly to state licensed appraiser)Insurance: ARV x .45% -- (paid for 6 months in advance before you close; can choose any insurance company as long as it meets minimum requirements HML has + lists HML as mortgagee on policy)Buying Closing Costs: 1% of purchase price (title insurance + escrow fees)Outside Costs (Holding) 4 Month Flip (120 days): 2 months of construction, 1 month on market, 1 month in escrow/title; plan for 6 months Monthly payments: 1% of loan Utilities: $230/month (varies; $125 electricity, $60 water, $45 gas)Property Tax: $3,000/12 months x number of monthsRealtor fees: 4% of ARV (multiple realtors that will list for 1%)Selling Closing Costs: 1.5% of ARV---------------------------------------------------------------------------------------------Example of House:Buy at $120kRehab at $50kARV at $230kCosts Due at Closing Points: 3% of loan; financed at 70% of ARV ($230,000 x 70% = $161,000 loan) $161,000 x 3% = $4,830Origination Fees: $1,020Appraisal Fee: $475Insurance: ARV x .45% $230,000 x .45% = $1,030Buying Closing Costs: 1% of purchase price $120,000 x 1% = $1,200TOTAL CLOSING COSTS: $8,555------------Outside Costs (Holding) Monthly payments: 1% of loan $161,000 x 1% = $1,610 x 6 months = $9,660Utilities: $230 per month $230 x 6 months = $1,380Property Tax: $3,000/12 months x number of months $3,000/12 = $250 x 6 months = $1,500Realtor fees: 4% of ARV $230,000 x 4% = $9,200 Selling Closing Costs: 1.5% of ARV $230,000 x 1.5% = $3,450TOTAL HOLDING COSTS: $25,190-------------Out of Pocket Portion for Rehab: $9,000TOTAL OUT OF POCKET COSTS: $30,095TOTAL OUT COST INCLUDING REALTOR FEES AND SELLING CLOSING COST: $42,745Calculations-------------------------------------------------------------Buy at $120,000 + $33,745 (costs) + $50,000 (rehab) = $203,745Sell at $230,000 - $203,745 (costs + rehab) = $26,255 (PROFIT)Cash on Cash $26,255 (Profit) / 30,095 (Total Cash Invested) = 87 %Return on Investment $26,255 (Profit) / $203,745 (Total Spent including all cost) = 12.8%

What you are presenting them is a solution to their problem, an answer to their prayers, and my belief is that it's important to just put it on the table from the get go.

And you have to worry about a special assessment absolutely wrecking you.Ran, just throwing some cold water at you here - on first blush, this looks like it is a very, very bad investment deal.ETA: this is not directed @Ran specifically, but it appears nobody on this threat has considered any expenses beyond mortgage. 

I would also send mail to non-owner occupiers, who are also, -behind on taxes - past due HOA -or behind on water billsI would also look into different software services like call rail to track your calls and kpi’s For marketing campaigns along with a solid crm. 

But at the same time leave some leveraged chips on the table in that crazy appreciation market you love to hate!