We just got a HELOC on our primary residence to use to buy our first rental, and the math of how that gets paid back and how we get more money for the second deal, etc, is still a little cloudy for me (I thought that being an English major meant I would never have to do math in my life, oh well. ) What you said makes sense to me.

- smoking, pet, illegal criminal activity, etc.

- smoking, pet, illegal criminal activity, etc.

My house is a block from a catholic primary school, convenient to a small private college and seminary (divinity school), not too far from freeway access, and a couple blocks from a major bus line (that serves the college, divinity school and downtown).

I've been active there for several years.

I did buy a duplex about a year and half ago with an FHA loan.I am aware that you can only have 1 active FHA loan at a time.

It's not professional for me to speak badly about another Philadelphia Property Management Company; but we have taken over clients from these guys....and I just hate, absolutely hate to see this stuff.Property management is regulated and a licensed activity.

It's a nice little 4bd 2bth, 1,136 sq ft that does need some major tlc.

Nets about $6000 a month (I took a look at a few months of bank activity.)My tenant/buyer is paying me $8500 down as option consideration ($5000 of which is my down payment to my seller), and he's gonna pay $1600 a month for the property.

Being a wholesaler means you can't list on MLS and you will miss out on the vast majority of exposure.