And ALWAYS follow up.Here are the numbers on the deal:- $108,000 Purchase price- $8400 closing costs- $70,000 Rehab Costs- $2,000 holding costs for two months (estimate is 5 weeks to completion but lets say two months, it wouldn't be so quick but equity partner is full-time GC on-site)- $274,900 ARV (Appraisal completed by bank)- $5,498 Selling Costs- $16,494 RE Commissions.Net Profit = $64,508 about 23.5% profit off of ARV.Now the fun part begins, I'll report back with pictures as we go through this.

When you notify them that they are not the right fit for that unit, I would mention that you will keep their application valid for the following 30 days.

So if/when the market turns I don’t expect to see rental income following.  

I’m a newbie in real estate investing and have been following BP for a few months now.

Hey there follow Bigger Pockets members,    I guess introductions are at hand.

Craigslist ads (post about twice a day and reply to every for rent post in your target area), Direct mail (send letters/post cards to every foreclosure filing in your county and then follow up with them again about 3 weeks before the foreclosure sale is set to happen), Drive for Dollars (when you see a house that is in need of repair, knock on the door, ask about the owner's plans).

Following...I’m in the same area as well.

Starting REI with this much debt could get you into LOTS of trouble.Imagine, if you follow my plan, in 3 years you may be able to have 5-10 cashflowing properties (roughly, 1.5 years to knock out the debt, 1.5 years to get deals and buy properties which definitely do-able). 

@Michael ClayWorking with your attorney you will most likely need the following:1) Loan Agreement2) Promissory note (if lending to a LLC)3) Personal Guarantee (if you require one)4) Mortgage / Deed of Trust (depending on local laws)One important point is to ensure the property has a clear title (title company will do this, but ensure you have proof before wiring money).

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.