Several days ago I called the tenant to see what time they would like to meet for move-in/exchange of security deposit/first month rent,etc.

I had a steel security door installed.

I convinced him that rental real estate was our way to a secure future.

You missed a BUNCH of the expenses, such as damage done by tenants in excess of the security deposit, advertising, entity maintenance, legal fees, evictions, lawsuits, office supplies, etc, etc, etc.Throughout the United States, operating expenses run 45% to 50% of the gross rents.

It seems like most banks do not lend on notes secured by land.

Otherwise, they are tempted to think that they've already paid the last month's rent and that they simply don't need to pay the rent the last month.I NEVER sign the lease with a tenant or allow them to have the keys until I have gotten both the rent AND the security deposit IN FULL AND IN CASH!

By that time, another wholesaler, who contracts sight-unseen, will secure it, leaving me out of the deal.

Granted, the IRR on our investment properties are lower with the FLEA than without; however, many of our clients so value the cash flow and the expense insurance that the FLEA provides that they are willing to sacrifice a little IRR.On some of our larger projects, a single investor may not have the required capital to go in on it by himself.

For example thru WIC or food stamps or unions or welfare or unemployment or social security or healthcare etc.

Especially if your concessions included the grant that West Seneca gives to first time home buyers (I'm from the Amherst, so I'm familiar with some of the local government/programs).Why not just keep it as your "primary residence" for a few years and have a family member or friend watch over it?