C+ area.

The F/C follows them for 3 years, if you sell for more than it's worth they won't establish the equity to refinance, is that your goal, to your family?

@Richard C. - good points Richard - it comes down to a blend of personal philosophy and tastes.

Well, I might get in trouble with Charles Perkins and some others, but you really don't need a CPA unless you're a C corp and you don't want that for what you're doing!

What are your thoughts of looking at properties in C,D and E areas?

@Clary C.

(c) Of course, ALWAYS focus on the ROI (return-on-investment) to determine if the effort and time are worth the work.By no means is this a complete guide, however I hope it gives you focal points to work with in making your choices.

Can I simply do schedule C for my wholesaling profits using Turbo Tax or something of that nature noting my profits and expenses?

Unit A - Occupied since Dec 2012, and are on a month to month, paying 795/month, which 55.65 is taken out for management fees.Unit B – Vacant ($675/month when occupied, which 47.25 is taken out for management fees.)Unit C - Occupied since October 2013 and expires in October 2014 paying 795/month, which 55.65 is taken out for management fees.Unit D - Occupied since March 2012 and lease expired in March 2013.

This area, while in the Independence school district, is less than .25 to Lees Summit and .5 miles from Blue Springs, with comps in the area ranging from $110 - 150 depending on amenities and sq ft.Ruskin, Raytown, the heart of Independence are more like C- or D neighborhoods, with sales prices of around $50, and CoC's of around 20% even after maintenance and vacancy.