This year, I've decided mostly to focus on flipping houses because I don't think I'm ready to get involved with landlording or hiring property managers, etc.I just joined my local REIA Tampa Bay chapter and will begin attending meetings, but I'm hoping to learn more about certain things online as well, things I've been having trouble narrowing down in the forums.I'm wondering about:•How hard money lenders work, and how you communicate with/propose deals that a person in that position.

If you financed all 6 of your units you could pull out $200k to use for a down payment on further acquisitions.Those units will still be cash flow positive paying down a $34k loan right?

Then recalculate if you will still get positive cashflow.

what are the positives and negatives of this?

My plan is to sell the property for $170k as soon as the market allows but until then, I would like hold onto the property and use it for the positive cash flow until it sells.

The way I see it on the long term side, if I paid 8% annually or $11,200 , my taxes are $8,000 , I should still have a positive cashflow of close to $1000 per property.

If this is owned by a small local bank that maybe did a portfolio loan before foreclosing, then maybe the bank foreclosed but kept the tenant since the bank knew that the property had positive cash flow.

Everyone is different, but if you focus on the 'wins' (or positives) the negatives are less imposing.

So I feel that Flipping/Wholesaling is the direction I want to go, using hard money loans and eventually leading us to purchase a multifamily unit in New York using an FHA loan so that I can live there and continue working in a firm, while living in a property with a positive cashflow.

Although, many on this site report positive outcomes.I could use a word of wisdom on how one proceeds with this venture without making predictable mistakes.I would greatly appreciate feedback on the proposed deal:Sale Price $980,00Price Per Unit $35,00Price Per Foot $41.26CAP Rate 7.1%GRM 4.86xBuilding Size 23,750 SFLot Size 43,124 s.f.Year Built 1969City Desoto TXGross Scheduled Income $201,424Other Income 703Total Scheduled Income 202,127Vacancy Cost (28,610)Gross Income 173,517Operating Expenses (103,682)Net Operating Income $69,836