@Chezare Bonilla this type of question is asked regularly on the forums, so here's my response copied from a previous thread:Before you do anything, it's advisable to study up, get experience, and learn as much as you possibly can about RE.

Like anything it’s a forecast - key part is to monitor it and adjust not only to the economy but also based on possible outcomes / results

I keep monitoring the local auctions in my area and this post has inspired me to get more serious about showing up to one with a serious cash buyer mindset!

Now I look forward to my regular workouts. 

Hello,I bought a property last year subject to existing financing.Later I sold this property on owner financing to another buyer.I was making regular payments to the existing loan since i sold the property.Last month I was unable to make the payment to the lender and on further inquiry I found out that the original seller filed a bankruptcy under Chapter 7.What should be the ideal thing to do now ?

Overall, a HUD contract is actually a positive for a bank as it is a much more predictable source of income than regular renters.  

I also tell them straight up that they can probably get more money if they list their house for sale with a regular Realtor.  

@Billie Jo this was more about creating a management co to receive "management fees" that would be established as a S-corp for purposes of employing me and some family members that help me with the business so i could write off employer's portion of FICA taxes and have an ability to purchase group health insurance through the business. my properties are set up in regular LLCs that pass income to me personally as S-corps have double taxation. at least it was my understanding of the tax side.  

If you're doing a 50/50 split you need to be actively monitoring the costs/expenses.

I just switched from post cards (1 wholesale deal out of 200+ post cards) to letters (Handwritten font, white notebook paper, #10 envelope, stamps, regular mail) so we'll see how the response to that goes!