If I pulled the trigger on this, I would probably try and oust the tenant in the 2 bedroom apt and get someone else in.

Vacancy rate I used was from actual numbers I pulled from the cities housing database.

I'm just starting out. i have financing and a team in place ready to start i just need the right deal to start with. i had a offer ready to place on a house last week, but...I hesitated... and it went under contract before i pulled my head out.

Truth in advertising: I'm no newbie but have not yet operated this full strategy, but have seen more experienced investors pull it off.

I pulled up this afternoon to finish up the apartment and give the landlord a call and they had already began flipping the apartment and threw my personal belongings in the garbage that was left in the apartment when I was cleaning today knowing I had until the 31st.

Can someone please do me a huge favor by pulling a list from Listsource for a specific area I want to target?

It was listed at 169,000 and we got it under contract for 157250 with 3,000 back for closing.It's a 3 BR, 2 BR single family w/ a partially finished basement.One of my exit strategies since I must live in home for 5 years in order to not have to repay the 20,000 grant - is to rent out then3 brs up stairs with private bathroom, and full house access for 1,000.I test posted an ad on Craigslist as was getting 1 person a day interested in it.I would live in furnished basement and after 5 years and 20,000-30,000 of mortgage paid down by the renters - hopefully sell for the market value or hold for my rental portfolio I am starting.It was hard to use the calculators for this because I was renting and living but I calculated 1400 expenses including 5capex   5% vacancy full landlord utilities and all that jazz.Seems like it would still cash flow $100 if you could rent it out for 1600-and break even for 1500.But I was more or less thinking of getting some instant squirt to pull out later in 5 years after sale or just in general to use for more deals.Also wholesalers in Rhode Island I am looking for you.

Some lenders will not even pull your credit score.

I'm not sure how to post a screenshot, but I can explain how to pull the list.  

Dion, first of all I thank you for the long and detailed answers, i have no problem with your honesty.I know that I can't myself service notes, I guess I wrote "setting up the payments" in my mind was like boarding the notes to a service company that has all the knowledge about regulation etc.Also as in JV maybe I don't have the right knowledge but I meant as two people coming together in some sort of a contract or LLC, one is the investor and one is the "know - how guy", of course I don't think that at this stage I would be the "know-how guy", I just wanted to figure out if there is any customary terms in notes like 50-50 split or whatever.Also this post is part of me learning, I read the forums and read some books, viewed some videos and wanted a bit more information and answers to stuff I had in mind, I thought about pulling the gun on investing in a note as part of a JV so I could learn from and experienced investor.I don't take this business lightly and I don't expect rainbows and unicorns just yet, I know I have big gaps in knowledge but that's why I try to learn and digest as much as possible.