My partner on the other hand is an AMAZING contractor and can do everything from landscaping to full kitchen installs single handedly in a matter of days.

I do have the advantage of having a business partner who is a general contractor in both areas I am in and is amazing at what he does and very cheap.

Many of you know that in Washington State there is a law is that says if you want resell a property within a year at least one of the property owners has to be a licensed and bonded contractor.

Depending on your experience level though it might make sense to flip 2-3 houses first to understand how to deal with contractors, lawyers, lenders, agents, etc when the stakes are lower.Even though apartments are commercial properties, getting some of the basics under your belt will result in 2 key benefits:You will have a good idea of estimates for normal repairs to the units and can better understand what properties will take once you purchase them to bring them up to your desired standard for the area.Your potential investors might have more faith in your performance if you have some other investing experience under your belt - might even want to consider getting 1-2 rentals to help with this "resume building" if you are going for a number of investors that may not have personal knowledge of your capabilities. .

The lender MUST approve the land contract or the accellaration clause kicks in.Second: the lender can transfer the mortage to the buyer (assume the mortage), then the seller can take a second note for any balance due the seller (if any) .Bottom line is , if the property is not free and clear at the time of a land contract, red flags everywhere.The State that I live in treats a land contract as if it is a mortgage.

My business partner is a long time family friend and a traveling contractor (and very good at what he does) so we have a leg up already that we need to start utilizing.

The information on here is exactly what I have been looking for.I am a construction manager in the Seattle market, I have performed over 50 rehab/flips as the general contractor among many other projects.

BTW I am in Kuwait working as a contractor so it was quite the challenge to get the notary and documents shipped.

What you lack in technical or legal expertise can more than be compensated by offering to be helpful.For example, keep a list of handymen, tradesmen and contractors that can fix problems.

Within my industry, I work close to contractors and have access to many trades.