Make some extra money and pay your debts, thereby improving your credit.

If the tenant buyer does not exercise the option, walk away, or re-sign a lease option and try again (if the owner is fine with it)This is all in theory, I have never put this into practice (I am only 19 and cant put property under contract in Mississippi until I am 21) and I don't know the reality of this idea, but it seems like it could work if you can get the right terms.

There is a rehab loan program that allows for 30 year loan maturity for those that fix and hold/rent, but the rates can be improved upon by doing a cash out refi after rehab (rather then holding a rehab loan to term).

With all that, I could practically just go to a conventional lender, which I won't because I hate dealing with big lenders.

Where can i find info on land contracts availablein a metropolitan area,say Chicago and the upper midwest..Also how much of a downpayment is standard practice.

noobdog1 says it all pretty well. there are plenty of shady practices going on in NYC brokerages... loopholes and such to fleece dollars from RE prospects, "application fees" should be closely examined before paying them. there are scams with "applications" that usually result to nothing other than just someone collecting your money.

My long term goals include owning additional real estate properties and renting them to great tenants while using my love for tools and home improvement to continually make them better.

I would like to learn the best path for improving my income and retirement portfolio.I found out about BP from a REIA meeting.

I am working on something that I can create to plan for capital expenditures and longer term improvements/expenses.What am I missing?

And if depriciable site improvements are $600K, you'll have a nice $18K+ taxable loss on about $8K positive cash flow.