If you have ever read a standard note and trust deed used by mortgage lenders, I would bet a good attorney could find 20 things many home owners are breaching in their agreement on a regular basis… i.e. parking commercial vehicles, or operating a business from the premises...

Operating a business is about making money, not helping deadbeats to steal from you.

I've worked for a national hard money lender and wholesaler for the past 4 years and am currently seeking to start my own firm here in the Charlotte area.I worked through college as an auto mechanic which pretty much cements the fix-it mentality i have.I was also the operations director at a large outdoor amphitheater for almost 5 years and that has to be one of the most abused pieces of real estate in town.

There are tons of ways to get started like you said but if you want to do this fulltime and operate a true business then ultimately you have to be able to manage your your money and credit and you need cash for unexpect circumstances.

I work for the Metropolitan Transit Authority as a train operator.

immediately call your lender and give them the contact info needed to schdule their required operations.

The main challenge I see is to convince the seller that you are a good, well organized investor, who will take all the burden off of them, giving them regular guaranteed monthly payments, while they continue to receive all the tax benefits of ownership, during the term.

Most of the investors here seem to advise to just read all the posts, read books, get organized, discover the type of investing you are most comfortable with, focus on that - and dive in!

Wheatie often says that the operating expenses can be OVER 50% and this property is a prime candidate for that.

The vacancy rate is only one of a large number of operating expenses and many of these expenses are constantly changing due to a number of factors.