By the way RR, I have done legal research for more than a dozen law firms as a consultant, have done research for environmental non-profits across the United States, and advise 35 countries on legislation.

Some of my friends like having 100 agents at a firm even though just a few will close something and basically be a babysitter for 80k to 100k profit a year because they do not want to sell anymore.I love the art of the deal so love transacting.

I just read a post on an individual who rehabbed a property for a 34k profit from MLS that has been passed up by many many investors who thought it was a bad deal...

Is that $66,300 profit before debt service?

Toledo REIA, (Real Estate Investor Association) I encourage all the local investors to join this non-profit organization.  

If you have a decent deal, all you have to do is go post it on any major search site and it will get noticed, you will meet buyers (qualified and unqualified) and naturally grow your network.

This means $1k a month will start going into my savings for my next investment.ARV=140K-150K75%=105KOffer=95K /30yr / 4% Interest raterepairs/build-out approx=10Klets say if sold in 2 years approx profit would be 20k-30KI will also be able to keep more of my personal income cashflow of approx 1K a monthafter the build-out and tenant is placed in.and that goes into savings that in approx 2 years will total around 12K to 24K a portion of that savings will build the ER funds to maintain the property.lets say also if halfway through it I decide to move out and rent the otheradditional 3 bedrooms this will grow a monthly cashflow of $1,600making the property cashflow approx 1.5K monthlywith this process I probably do a refi after 2.5years and utilizeit as a tool to continue future purchases.

Recently I had a scammer try and "wholesale" a deal to me claiming outrageous profits.

I am trying to figure out the steps in which to take in regards to purchasing my first rental home, and I have a stumbling block.My question is, I am going to be using a hard money lender to fund a majority of the property (approximately 75%-80%) then do a cash out refinance at the end of the term into a 30 year conventional note.

If there aren't major structural issues with the rehab, then it looks to me like you've got a winner on paper.