And also thank the platform (BiggerPockets) for enabling @J Scott and others to reach so many people....

Along with the HM costs, that totals 20%, leaving you 15% of ARV in net profit.So if you buy and rehab right, you should be in good shape and making twice as much as the HM lender, which is a good goal.A good thing about doing more volume using HM is that you will build that great track record quickly, which will potentially open doors to cheaper private money, and will also enable you to negotiate lower rates/points from HMLs, and potentially also obtain 100% financing from HMLs, which will also help to accelerate your business growth.

However, it is a cash cow and can enable you to buy discounted properties and live VERY well while you build up a portfolio if you desire.

I have found I'm better to just pay the half month's rent to enable a company to show the property, run the background checks, and meet the valid candidates after all the tire kickers have been filtered down to paying the application fee. 

Also you can get a pretty good security system that’s WiFi enabled for under $200 bucks on amazon.

Here's the email I got saying I was approved:When I logged in, the portal had changed to enable signing the closing documents..

Finding properties where you can add the largest value (either due to distress or ability to reposition) will enable you to more quickly turn your money.As for mindset, it really all depends on you and the strategy you want to employ and the level of risk that you are most comfortable with.

Starting with conventional purchases on the mls enabled us to test and build our team before we put them through the stress of short notice viewings, bidding at auction, and major renovations on a time frame.

So now I am able to rent out my old home, live in a new home, and supplement the rent in the newer, nicer home with built in, pre-screened tenants with a strong verifiable payment history.

Also, ensure you contract has an out clause which will enable you to get out of the transaction if you cannot find a buyer (something about dependent on agreement with your partner).That's my two cents.