Bill Gulley, I really like the bank statement criteria but how do you reject the tenant if you don't like what you see in the bank statement but other objective criteria like rent/income ratio, credit score and references check out ?

My philosophy is live where you're happy and make good money, invest where the numbers make sense to help you achieve your investment objectives...just know what they are before you commit.

Unless the door is tight against the jam it's very easy to open a bottom lock with a knife (or other long flat object).   

Maybe next time the carpets will be my biggest objection.

The real objective of your first deal is to build a track record of success more that make a pile of money.

That said, finding our own deals and using cheaper money is a big short term objective to make our deals more profitable, which means finding portfolio lenders and private money.

I don't object to owning in my personal name but this is a partnership and it's best I think to have a more formal structure.The conventional wisdom is to flip in a S-Corp and hold in a LLC, but it's a pain to have two entities, especially in CA.It's not talked about much but I'm thinking of a LP (Limited Partnership).  

Hi @Hattie Dizmond ,There's was the first site I looked at, but they got some really bad reviews from yelp...specifically quoting one price, and holding your stuff hostage until you agree to the much higher "surprise" price.

The information gave me enough confidence and courage to make an objective, non-emotional offer. 

@Scott TrenchOur objective has been to hit our target of units (doors if you prefer) with the minimum number of actual properties.