(the house next to me sold for 275, even thow it is much larger and newer) but i am about half done renovating it and am looking to buy another when i sell this one, my question is i currently have 40k cash, should i save more maybe 60-90k before trying to tackle another, im looking to really get into this, and am hoping to find a higher end forclosure witch could yield more profit.

It really is a breath of fresh air to see someone willing to invest adequate time in real estate learning to determine what areas in which you're most interested.Since your local market isn't as friendly as you might like, you're learning what you can about areas that make sense from a profitability standpoint.An idea you touched on briefly is a sensible one -- areas near college campuses.

My contract are written up in that way so it is all disclosed to the bank and they know I will be selling the property for a profit.

If you try to sell for a profit and can't or don't sell living in it doesn't make it a good investment.

I use 40% of rent as my assumed expenses, which assuming I'm not paying for property management.Now you know your immediate profit and your long term monthy cash flow.

A few years ago a company I worked with did the premium texts thing (text a name of a product to a number to get a brief review sent back to you) - it was profitable, but not a massive success - maybe now that texts are cheaper it may be more popular.

Emotions have a strange way of affecting your profits if they are not controlled.

Preforeclosure investors don't want a realtor involved because another middleman just eats the profits.

The question is if we can split the profit anyway we want?

The most profitable areas don't always meet those "nice areas" criteria.