We were able to get that one notarized 7 states away and back in time and literally closed on the final day before the buyers were going to lose financing.All in all the hardest part of the flip was getting this notary piece accomplished but now that we learned our lesson on that we should have no problems for the next deal that we find.PS. when I started the flip I was living in Qatar and have since moved to Kuwait had a baby started a new job and stood up an entire new operation for work in a country that we have never done business for.

You lose the depreciation write-off.....

@Ceasar Blackman: Well my goal is to do at least one flip this year and not lose any money.

If those don't work out, maybe you could buy it with the FHA 203k under the pretenses of reducing it to a 4plex... and maybe you can plan that out in a way that could easily be reconverted if you wish.Just a few thoughts.

I agree, nothing worse than losing a good relationship over business.

Reduce the risk of losing all income if I lose a tenant.Hire property managers.

If the Section 8 recipient is not doing so, they jeopardize losing their benefit... a huge motivator.

If you were sued and the plaintiff showed you had done some type of fraudulent transfer they could ask the court to undo it, even more you would lose credibility with the court.

Everyone has different risk tolerances; in my market I could lose a deal by trying to get contractors access and waiting for bids to come back.

Dealing with a bad mortgage broker will often result in getting a loan not fitting your criteria, or paying way too much for the loan, or worst of all being strung along and losing the property under contract by not being able to perform.You need to do due diligence on any mortgage broker or lender you are dealing with.