Marc, definitely hadn't considered partnering financially on the first deal and splitting profits (hopefully) with a seasoned pro, great idea to gain some hands-on experience with someone else helping along the way.Joel, would love to hear more about your challenges/successes with your quads in Roswell sometime, thanks for the advice.

Yellow letters are intended to convince a single family homeowner that you are interested in their house and took the time to hand-write them a letter professing your love for their place.How in the WORLD would that messaging translate to multi-family, where the owners are LANDLORDS and BUSINESS PEOPLE that are - i guarantee it - 100% WISE to the old yellow letter trick.If you want to be in a business, be a business person.

I personnaly have not done any P.M. on vacation rentals. 10% is the norm for regular P.M. but vacation rentals requite more hands on work.

On the good side, it is free & clear :).So, the potential deal that this post refers to would work really well with the limited cash I have on hand right now, and give me more Land-lording experience so that when I DO sell my personal residence and start to use that money to acquire more rentals, I will also have that benefit.

In Memphis there are a handful of players, most of whom are on BP who all know what they are doing but their required margins vary a lot.

There was no rich dad and probably no poor one either.I can tell you from first hand experience he does not know what the rich teach their kids.He's just a guru, good at marketing, good at story telling but never done what he tells you to do.

I am a hands on guy so I think re-habbing is probably the most likely direction I will take.

The house was still an 'above-average' rental compared to the market, so I was still pleased with the deal and specifics of the property but who knows what is lurking inside those walls...On the other hand, when I get the non-turnkey props I usually nearly gut them.

Cash in hand can be very helpful in some situations.

Yes, some are not as good as others but as you read them and any book you can get your hands on about business, real estate and finance you will start to recognize and differentiate those who know from those who pose.