It would be a good time to modify your note for a payment by check.Within 3 or 4 years I'd say the IRS will get involved in an audit.

All good responses, but more importantly......you're not likely to get the property under contract for an attractive wholesaling price, when a competent agent is involved....it happens occasionally, but not often.

I am glad I decided to stop paying low rent and purchase a house before investing to see all the steps involved.

My main focus is the downtown core as well as area between I-81 and I-481.I welcome all advice and connections and look forward to getting more involved both in and outside of this site.http://www.linkedin.com/profile/view?

I haven't used it to create an LLC, but would use their service for this if I was doing a basic, small company setup.Anytime I'm creating legal docs for an entity that has a substantial amount of money involved or potential liability issues (i.e. pretty much any real estate venture I'm involved in), I use a lawyer.Lynn

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.

In addition to that I am very involved in my local real estate investor association, Central Florida Realty Investors Association.

GP manages and assumes 100% liability while LP(s) only risk initial capitol and are not involved in day-to-day operation.

But you can't finance the option unless it's a commercial deal.If you start getting involved in long term (greater than a year) deals that can't cover costs of acquisition and disposing of the asset and netting you at least 5K with nothing in it, you're wasting your time IMO.

My partners will fund acquisition, rehab and hold so my ROI on these is huge as I'll be using very little of my own money and still adding a lot of value to everyone involved.