Looking for some input here (on what is likely a pretty basic question for all of you.)

So basically he's mentoring me for half of the profits, which I think is fair.

;-)Marvin, there are several "rules of thumb" in this business to help you quickly evaluate a deal to make sure it passes some basic tests.

To me it was just a matter of whether it's needed to take both exams of if you could basically skip the agent exam if you know that you want to be a broker eventually.

So basically, the tenant should always afford their portion of the rent.

In my area, I can't turn the heat off.

They make you think they have some MAGIC secret or formula that you'll learn and then its off to the races when the truth of the matter is that probably 98% of the attendees will never do a thing with that info and were basically just ripped off!

Gas, electrical & heating codes are scrutinized esp., if the city sells it to you & that's an acceptable safety precaution.In fact after the last tax lien auction each NEW owner was required to meet with the Bldg Inspector after taking title to review the code violations that appeared out of no-where.

Randy,I will be interested to see what other responses you get.I guess the basics would be as a 'con' is that you would then need to worry about 'cash flow' compared to having it free and clear.The 'pro' would be that you could leverage those funds more progressively.

But I managed to position myself with a few non rent controlled condos, and having those in this city is basically like printing money.