You'll have all the other holding costs -- insurance, taxes, utilities, maintenance (besides the rehab,) and maybe HOA fees.

I created a Short Sale utility that produces all of the docs needed... contact me and I will send you a link.Good InvestingMichael Quarles

She moved in a boyfreind who was a loser and basically just put utilities in his name and did not pay.

I am young and have only recently established my credit

In the meantime, the new hot water heater elements have been working overtime and probably resulted in greater utility bills.

share the one "mistake" or item that knowing what you now know you would have done different in 2007...What I will do different and better in 2008... 1) Do fewer major rehab projects, and be pickier on the ones that I do. 2) Find and establish more and better contractors to work with. 3) Do more transactions that will make money both now and in the future... i.e. more lease options...

However, with the poor job market, I may have a more difficult time flipping the contract. 2) Has anyone utilized those websites that sell motivated seller leads?

If you use the 2% rule:Mortgage ($108K, 7.5%, 30 yr): $755Cash flow: $332 or $83 per unit per month (better)Even at $108,000, I would not buy this building because the utilities are not separate.

The way I see it....you have to establish contacts with the individuals who are making the ultimate decisions about the disposition of the property.

Utilize wholesaling to generate cash flow.