Next time I install it, we'll be using a fine blade on a chop saw.

Caleb - are you using a real estate agent to present your solution to the homeowner?

OK, here my analysis of your example:Price: $40,000Down: 20%, $8,000Costs: $1,600Rehab: $0Cash invested: $9,600Loan: $32,000Payment: $235.05 (P&I only)Rent: $625Expenses, vacancy, capital: $312.50 (50% rule)NOI: $312.50Cash flow: $59.45 ($312.50 - $245.05)Annual cash flow: $713.35Cash on cash return: 7.4% ($713.35 / $9,600)Forget using a "virtual calculator".

It seemed like a good idea to me, but like I said, I pour concrete by using a telephone.

I will not be using a GC, I will not be buying via wholesaler, and I will not be spending any money out of pocket until its under contract.Here are the details of my deals:#1 - 3/2/2 - Built 1991, brick on 3 sidesARV - $110,000 (verified by comps)Purchase price - $61,500Rehab est. $10,000Time line for rehab: 2 weeks maxRehab level: MinimalRehab description: Sheetrock repair, paint (interior only), carpet, new range hood, basic landscape, remove door insideTotal equity capture BEFORE SALE: $38,500Less purchase cost: $3,517 (3.8% plus inspection fee & insurance)Less holding cost: $4,500 ($1,500 PM fee, 3 months of holding)Less selling cost: $3,300 (3% of ARV)Total profit: $27,183 #2- 3/2/2 - Built 2006ARV - $82,000 (verified by comps)Purchase price - $42,650Rehab est. $10,000Time line for rehab - 2 weeks maxRehab level: MinimalRehab description: Remove room addition for garage, add garage door opener / rails, install laminate wood floors living room, carpet 3 bedrooms, paint interior, basic landscape.Total equity capture BEFORE SALE: $29,350Less purchase cost: $2,800 (3.8% plus inspection fee & insurance)Less holding cost: $4,500 ($1,500 PM fee, 3 months of holding)Less selling cost: $2,460 (3% of ARV)Total profit AFTER SALE: $19,590I budgeted 3% for selling cost because I am a licensed agent.

Out of using a one pager in 500+ transactions, I can only think of two times that an issue arose that a TREC contract would have dealt with directly, though I don't think using a TREC would have stopped the deal from falling apart in either circumstance.

this topic was discussed at length today on the BiggerPockets Blog - Check it out ----> Private Placement Memorandum: Using a PPM to Raise Private Capital Hope that helps!

At the end of the day, it seems more of an issue with the title company not doing their underwriting job properly and I will be using a different company next time.Thank you everyone for your suggestions and advice!

I've come to find that the no assignment clause can be worked around using a land trust.

What if you save two months revenue using a pro?