Get the book then go eat some greasy food.

Ex) make sure you don't have any big CAP EX expenses(roofs,foundations, mechanicals) that you are going to have to eat in the first couple of years of the rental or buy it knowing that and price it accordingly.

I'm in the middle of two projects: some light rehab/improvements on a duplex, and my first time project managing a "real" rehab, consisting of gutting a fourplex and turning it into a triplex (done larger projects like this done before with a hired out project manager, but this is a whole different animal).

The Illinois Commerce Commissionmay grant a waiver of the obligation to pay actual damages and reimbursement for emergency and contingency expenses for a powerinterruption described in Section 16-125(e) in instances in which ComEd can show that the interruption was the result of one or moreof the following causes: (1) unpreventable damage due to weather events or conditions; (2) customer tampering; (3) unpreventabledamage due to civil or international unrest or animals; (4) damage to ComEd equipment or other actions by a party other thanComEd, its employees, agents, or contractors.

My question however is what happens if an unforeseen cost eats up your portion of profit and begins to cross into your investors margin?

Instead, I mean that you have enough income irregardless of source to pursue your wants while providing for your family as decided by the family.I am now focusing on adding some house flipping for daily living expenses, using a disciplined numbers approach tempered by reality of need to eat.

And I think I am in my area of expertise the West coast but the mid west and east coast are completely different animals., and from what I can see far more complex than our (what I would consider) very straight forward fcl. sale laws and tax sale laws.Example buy a tax sale in CA OR WA and it wipes out each and every encumbrance bar none except IRS liens.. which fall off in 6 months.buy a Foreclosure and you wipe out anything that is junior except ad valorum tax's and Irs liens...from what I am learning here on BP its not like that in the mid west and east.so to that end invest a Grand and get a GOOD local attorney to give you an opinion paper on the subject..

$5K does not go very far these days (a fresh coat of paint and replacing the carpets will eat up a large chunk).

They went through my entire property, like animals and moved things everywhere and destroyed my closet door.

Also as mentioned by Patrick resale costs would eat up that small amount of equity.