Ya, I didn't even bother deselecting ones I knew, I just hit 'select all'You're welcome for the spam :)

I plan on joining a real estate mentoring club once I return to my hometown, and continue to prepare myself as much as possible over the coming months.Some general questions that I have:1) What are some things I could do to prepare myself in order to hit the ground running?

For 2011's tax purposes, the rehab and its related expenses (rehab costs, taxes, insurance, electric bills, etc.) will be counted toward that home and as "inventory."

When desperation drives the car, you will likely hit a tree.Also, Joel made good points to the LTV funding levels, I do think there is a limited amount of guys out there who will entertain the deal if the home has true equity upside.

I own several SFHs in the lower end of the scale (20k-after-rehab-ish) and while those rent for 550$ on average, some months I may see 20% of that in net income, and most of the time like Jon side, when I get hit with something "unexpected" it may take a big chunk of the gross since while the house is cheap, maintenance costs are high in comparison.

Then you can invest it in real estate without the tax and penalty hit.

Yes you can say the property will be brand new and your costs will be less BUT over the life that you own the property you will need to do things to it.If you don't when you sell and suck out all the cash you will take the hit on the resale.

ty pat and ben i know exactly what i must do like a brick falling off and hitting me in head, lol hope all goes well for you

Can I hit you up for some sold comps at some point?

My experience is as an electrical/general contractor selling and installing solar panels, windows and siding.