Hi all, I'm based in the Los Angeles & Orange County, CA area and am interested in flipping homes.I have one quasi-BRRRR deal under my belt.About me:-Former Fortune 50 Commercial Real Estate Banker, specializing in distressed assets (restructuring/modifying notes, pursuing guarantors, foreclosing on assets)-Varying degree of experience in legal remedies (mediation, arbitration, bankruptcy etc.) with inside/outside counsel-$500,000,000+ RE transaction experience from west coast thru the mid-west-USC Business School Alum w/concentration in Real Estate Finance & Development-Licensed REALTOR in CA-Hands-on experience rehabbing real estate (full kitchen rehab, flooring, painting, spraying texture, removing load-bearing walls, bathroom rehab - have pictures from BRRRR project)[QUESTION] What is the proper approach to seeking a local mentor/partner on BP?

You could even consider putting this property up as collateral on the next one you acquire, depending what you can work out with the lender.My $0.02 ...

Long story short, I put in a claim with the state and they settled with me after many phone calls for a dollar amount and did considerable work to the new road (new grading, storm drains, & cleaning the outlet a block down) and my property (retaining wall, moved my driveway, etc.) to help remedy the situation. 

They did try a remedy the water leak, unfortunately it was creating a mold and unsafe conditions for tenants.

Since I recently paid off my student loans and we are getting close to acquiring property #2, I am considering splurging on a truck once we get that property #2 finished & refinanced.

The numbers look okay, my only question is why are you paying more than the ARV to acquire the property? 

I want to acquire information as early as I can, in NV, during the pre-foreclosure process.

On the LLC side, single member LLC don't have the charging order as sole remedy since FTC vs Olmstead.

Thanks, Dave, is the cost basis equal to the date when I acquired the property (when I bought as primary) or FMV when the house moved from secondary to rental investment?

What you are saying makes sense and I can definitely see where the DTI goes down as more cashflow positive properties are acquired over time.