You also need to make sure that the bank does not have any restrictions in regards to "seasoning periods" (you must hold the property in your name for 6 months or show receipts where you rehabbed the property if you're making a profit on the sale).

The owner is supposed to send me a copy of the inspection report with all the things that he has fixed/repaired since the inspection from the last buyer (minor/general stuff)Any more seasoned investors able to share their thoughts on the Furnace issue.

We fixed it up in 2012 and had it on the market since Sept 2012 and got someone for a 3.5 month seasonal rental from 1/15/13 to 4/30/13.

He says in two years our equity, debt and seasoning issues would be gone and we would have two years experience with being landlords and two years rent income and would be very much in demand for banks wanting to do a refi.

If you purchase cash you may have to wait a year for "seasoning" in order to take equity out of the current value.If you do a personal finance, then transfer into an LLC, you may trigger the "due on sale" clause.Banks don't make it easy!

A new contractor may come in at 70% or on rehabs in smaller amounts, a seasoned contractor that has years with a lender may have other arrangements dragging off 100% of lot costs and materials with labor.

Some great advice and stories from a seasoned veteran in Sharon Vornholt.

Check into Georgia REIA and Atlanta REIA, and if you're in town go to the Haves and Wants meeting on Thursday at 1:30 at the 5 Seasons at the Prado (I285 and Roswell road)Georgia has some interesting laws about contractors.

Also, with tax season finishing up, its time for some good ole' spring cleaning.

I will let some more seasoned investors answer that one as there is many, many answers to that question.