There's hidden costs of extra miles on the car, business cards, website membership charges, business license, training materials, ect. so even on a shoestring you're going to need to budget.

You don't have to get permits but obviously you'd have to disclose that since it's a material fact.

I'm guessing you haven't listened to the Podcasts, blogs, or downloaded the free materials here on BP and other sites, or gone to some REIA's.

I chose Kaplan's home study materials.  

Here is what I found out:1) The sale of a home 'resets' the compliance timeline 2) They are very interested in working with a new owner to get a home compliant, and they are not interested in chasing down any other 'unpermitted' work done by the seller3) Common sticking points he identified:-Complying with the off street parking requirement (this home has enough parking)-Providing adequate egress from the bedroom in case of fire (this home meets the 'size' requirement for the bedroom window, only remaining concern is there is a 6-8' drop to ground level)-5/8's inch fire resistant material would be required for the ceilingThis is in line with what I was budgeting for... 

I learned his system and use his tools and direct mail material.

I have several years experience in a major bank so I am familiar with structuring financing deals.I have read a lot of materials, books and posts here on Biggerpockets, done further researches and attended seminars to become knowledgeable of the local market.However I still lack of local networking and hands-on experience which could help me getting started and consciously doing some deals.Suggestions, contacts and collaborations for mutual benefits are welcome.Hope to hear from you.Best, Stefano

Prior to the workshop I devoured all of the instructional material and went online to discover the even larger Real Estate Investing universe.

He will get pay of his labor at premium but he needs to take out loan out to get equipment and materials (at 0%APR through State deal).

Any pro forma that shows a 12% ROI on a rehabbed property these days is either not accounting for vacancies and maintenance or the property is in a rough area where those returns on paper don't generally materialize.