I thought I saw a post here that basically talked about using hard money at 70% ARV.

I would also suggest before you consider buying one, to first write out a basic business plan with cost figures to open your eyes to some cost you may have not of figured in (vacancy, maintenance, insurance etc cost).

Chris,Understanding the basics is always a good thing.

Basicly im making 9-10k a year profit.

After talking to one of the tech's, I found out that the control was working exactly the way it should, basically shutting my furnace down because something else was wrong.

Blue collar workers want the basic amenities (central air, dishwaher, etc.) plus lower than market rents so if you buy at the right price you can cherry pick those tenants and still cash flow.If you want to avoid tenants succesfully negiating away your profits you must have something they want that is in short supply.

It basically states that the grantee is "prohibited from conveying property to a purchaser for three months from the date of the deed.Are they basically stating that we have to wait three moths after we close before we can retail the property to our buyer?

Basically it works like this:1) Find/prospect for motivated sellers willing to do a lease-option on their house2) Find/prospect for tenants looking for a "rent-to-own" opportunity3) Put the 2 together and collect the option fee (or 1/2 of it) as your profit!!

I just visited a third world country that was seeing potential starvation in rural areas due to the cost of basic food items.

Robert makes some good points aboveI will also add:Wholesaling is basically finding a deal, putting the deal under contract to purchase and then exercising your contract rights to assign the deal (sales contract) to another entity (buyer).