It also depends on the kind of financing you have that will determine what may be a potential deal breaker, ie: if  you have an FHA loan and the house inspection comes back with multiple areas of chipping paint and the seller doesn't want to fix the issues.

Hey Kevin, Jim James is a solid pick, I'd also recommend Rob Lietha.  

I really had to look within myself and determine what I wanted, what time I could devote to education, and the time I had for the actual 'doing' of lead gen, MLS searching, client meetings, etc. 

We picked the current one we have today.

Plan is to use master lease option, and then hold for long term cash flow.1) Being a unique property and hard to find comps, given the appraisal, sale and listing data, how do you determine what your max purchase price to be?

Hi Joseph,  I had a HELOC in the last downturn and the bank closed my HELOC without my consent once the prices started dropping, so this is definitely a possibility if the bank determines that you don't still have a 20% equity in the house.    

I picked up a set of very nice cabinets that my uncle just took out of a kitchen that was only 7 years old that are going to almost perfectly fit in the space i have to work with. 

Sure, I'll represent clients - but I turn a lot down (refer it out), and I pick and choose who I'm going to work with. 

Freddie:  Based on what I determined from the census tract lookup and program guidelines, the property is located in a 'high cost area', so my income does fall below the upper threshold.  

The answer has nothing to do with your expense or anything other than the IRS rules that determine whether you have an employee or a contractor.Read this.