I'm taking the course mostly because i want to get more familiar with the basics of real estate (laws, marketing, etc.), and also to become an agent.

So I basically have seen two basic formulas on these message boards to determine whether or not a property is a good buy.For rehabbing: (ARV * 70%) - repairs = Max Purchase PriceFor Renting: Rent * 50 = Max Purchase PriceI would like to buy a property to Rehab, but be able to fall back and rent it if I can't find a buyer quickly... while also having positive cash flow after mortgage and operating expenses.If I put an offer on a property for $25k and the ARV is $50k (if I put in all new flooring, paint, and redo the kitchen and both bathrooms) that leaves me $10k (According to the formula) for repairs which I could likely do if I'm doing it all myself.BUT...That would have me with $35k into the property, and I am only confident of being able to rent for $600...

Most will "withdraw" the listing which doesn’t eliminate a commission earned if the seller sells you the property.That doesn’t mean that you cannot buy the house, it just means that the Broker has a right to collect a commission assuming they used an Exclusive Authorization and Right to Sell from the seller.There are basically 3 types of listing agreements two of which give the seller the ability to sell themselves without obligation to pay a commission...

They aren't getting too much money out of seasoned old investors with rhino hide and big sharp teeth.They aren't nice con men, but they do exist, and because they do exist, people need to take personal responsibility for their own money.It takes very little research to learn how to manage money at a very basic level.

(i'm also thumbing through a book but haven't finished)basically i'm looking at 2 different 3 families Cost is between 160k and 200k what they are asking and where I offer.Rental income is 2900.I was told i could get a rate of 6.25 if I put 25% down, this can be done if I take out a second mortgage on my home.

As far as talking to them...I'd say just for the phone to get the basics (rooms, sq ftg, known repairs, etc..) and when a buyer calls, get the basics also (name, address, email, fax, etc..).

Would I go with a bank local to me (to perhaps start or continue a relationship) or am I basically required to use a bank close to the property?

When you rename the company, you can have basically the same name with some small variation… See an attorney.

It would be a great safety net.

You can probably find a basic one in a stationary store.