They're all seasoned realtors in the town the property is located in, with plenty of sales and experience under their belts.

The home that I'm thinking of purchasing includes a 1 bedroom basement apartment.The house I'm looking at is older but almost move in ready.My plan (and where I'm looking for guidance) is whether my strategy for borrowing makes sense or sends up any red flags.To repair the house I own so that it's ready to be rented I would to tap the equity through a refinance or a home equity line of credit/loan.To purchase the other house I would want to take out an FHA loan.In order to repair the home I have I need to get approved for the loan, locate a general contractor and try to get things wrapped up in under a month.In order to purchase the new home I need to be approved for the FHA loan, contact a real estate agent and go through the regular process of purchase.Minus the actual numbers (which I'm working on) do I have the general process right?  

However, if you have the right partner, the right property, the right rehab, reasonable expectations and a seasoned manager, the returns are fantastic.

In that sense, a recent bankruptcy is actually better than an older one.Just mentioning that because it is counter-intuitive to many landlords.

Thats setting the bar for more younger people even older people that are just getting into the business.

Detailed monthly cash flow statements in spreadsheet form populated with actual dollar amounts (certainly ok to redact address, etc)Annual Property Operating Data in spreadsheet form populated with actual dollar amounts (again, certainly ok to redact address, etc)Unlike normal rental properties where the rent is consistent throughout the year, these rents swing wildly from peak season to off season, so I want to make sure I am modeling the cash flows correctly.Sincerely,- Rick

;) Guess I will have my hands full...Its all fun , older houses present challenges , but nothing that cant be overcome . 

Not exactly on topic, but if you dad is making that much money, and he just started collecting ss, there is an option to pay back what you took from ss and suspend his benefit until he is older. 

It's a 2/1 duplex in San Jose, CA (off of 10th & Julian). 800 sq ft, older property but in good condition.

I'm considering purchasing a seasoned land contract inside my ROTH IRA.