Then talk to those people directly or to their competitors.An infill residential lot in a resurging neighborhood is a totally different animal then a commercial A lot downtown. 

A good operating agreement will discuss what happens if you both need to contribute more money to the business (what if in 3 years you need a new roof for your investment property, but the LLC does not have enough money in it to cover it); what happens if only one of your is able to contribute money to the LLC for an unexpected situation; what happens if you have a serious disagreement about the direction of your investment (what if one of you wants to sell the rental but the other wants keep it); what happens if one of your expectedly passes and the other is now partnered with the spouse or kids of your friend; etc.I know you would rather save the money (who wouldn't), but it is a deductible business expense and may save you a lot of headaches later.

I am in the process of finding my first mailing list,  for a direct mailing campaign, the site I've read about  (findmotivatedsellers.cm, listsource.com,etc) all have terrible reviews. 

We have had many, many good stories with Yellow Letters and have placed many houses under contract directly from our mailing campaigns.

Does anyone do any buying or flipping in or around Bowie TX. I have some properties that i need some advise on please.

Quick follow-up question: deciding then to do the Midwest direction, and to buy and hold for the long-term, is it better to take $75K and split it up as the down payments for two or three properties, and get loans on them, or, take that same $75K, and just buy one single property with it? 

View report*This link comes directly from our calculators, based on information input by the member who posted.

You just took a giant leap in the right direction; signing up on Bigger Pockets!

My first thought is to try to contact the banks directly and ask about their REO portfolio, but I’m not sure how efficient or effective that strategy is.

So my immediate thought is to rollover the balance to a self-directed IRA (between now and August when my new job starts) and buy a rental property.