In most areas, though, you have to make an effort to re-rent it, and can only collect rent from them until you get it re-rented.I'd tell them they must immediately clean the place up nicely.

RE is a BIG risk.

Regards,PaulPS: I’ve built up a decent network of contacts in NJ, so if you’re looking for somebody, PM me and I’ll try to connect you to them.

Costs for an exchange are minimal (my company charges a total of $695, for instance); it's hard to find a RE deal where taxes won't be at least that much.

But, most folks will have a mortgage on RE, so lets assume a payment on a 7%,30 year note:Payment: $299Cash flow: $251/month, or $125/unit/monthLooks like a good deal.The second one has estimated NOI of $683.50/month, cash flow of $384 or $128/unit.

----------------------------------------------------------------------RE: Being AudaciousWilliam Tingle (Sub2 Teacher) said, "I WEAR A 5 inch diameter Yellow button w black letters that says:I BUY HOUSES FAST!"

May take a few months to get it re-fied.

I assume I can pay off the second and the penalties on the first to re-instate it through escrow, and then just take over the montly payments.

The process is not even close to what it would be dealing with distressed sellers.Dealing with the banks and RE agents make wholesaling REO's very tedious.

As you are acting as principal in the transaction, you do not need a RE license.