- Someone who is honest and reliable at all times.

Honestly that looks like $20k +/- profit.

And I would only invest where I am extremely familiar, my hometown Cleveland, OH and Tampa Bay area. 

@Chase Gruening I thought that was a good question, I'd honestly like to know what you can deduct

Rehab and flip is extremely time consuming when also working full time.

Hi Lupe,The most popular accounting software is Quickbooks, but honestly you could probably get by with tracking expenses in your own spreadsheet.Here's some things to consider:Tracking Expenses by Vendor - You will need to know how much you paid to each Vendor so you can file Vendor 1099s with the IRSTracking Budget vs Actuals - To stay on track you will want to establish a budget upfront and then track your actual expenses to forecast budget overagesSaving Receipts - You will want to save your receipts in case of an auditOtherwise if you don't want to waste your time building spreadsheets, there are house flipping softwares & pre-built spreadsheet templates that can help you manage this process.

The cash flow might not be as good initially but the returns over time may actually be better and the extra expense up front will be worth avoiding the trauma of dealing with extremely low end property and the issues that come along with this asset class.

Be honest with yourself about what you will and won't be doing and then make sure you have people who can help you with the other aspects.I think its human nature to value what we enjoy.

We are planning to go back for 2 weeks next month and I really wanted to get started but honestly don’t even know how or where to start.

Hello everyone,It's nice to know that there is a community of property investors here at bigger pockets.I am Victor from Australia (Melbourne).I am new to property investing and still learning, reading and listening to youtube, pod casts and books on investing in general.I am extremely intrigued by the idea of generating passive income through real estate investment ever since coming across rich dad poor dad a month ago and more recently, bigger pockets podcasts.As a start, I plan to learn more about the mechanics of investing in real estate before taking steps to actually start looking at my local market (Northern Suburbs of Melbourne)In fact, I have already formulated some short term goals to accomplish: 1.