You also may want to look at a site called houseflippingworksheet.com for additional help on how estimate costs of rehab.

In addition to them having money they purchase property “AS IS”.

I also thought I could use that money to acquire at least 2 more properties over the next couple years.

We acquired another property at the end of January into which we've started by ordering the kitchen cabinets which will be here in a couple days and we'll roll right into that project!

hi from austin tx. so been hanging around here trying to figure out how i wanted to get started. well figured it out. i am selling my house, cashing it out, because i do not want to use it as a rental. bought another house that i will hack then turn it into a rental in a cpl years but in the mean time i am looking at additional properties in areas outside of austin even out of state.my goal is 10 properties before i retire, from my current job, in 6 years. i am looking especially in rural areas.

@Talmadge Lawing,A point to remember about LLCs is that any dealings with properties acquired in them will be governed by the laws of the state where the property is located, regardless of where the LLC is first registered.

This also keeps you from having to go back to the utility to pay additional deposits or provide references - every time you lose a tenant!

And please include the following:-How much do you have to invest-Do you have additional equity partners-How are your personal financesJust to be honest, you're unlikely to be able to invest in the tri-state area, even in Suffolk County.

Is it possible to acquire property this soon after taking a mortgage loan?

In Texas, we have earnest money in addition to an option fee.