Why couldn't John just buy the house for $200,000 in the first place and cut Mary out altogether?

This has cut the gametime in half.There is a value to doing the paper statements until you are familiar with them, but then, go for the electronic version.Enjoy!

Often these are rented by the room with individual leases for each occupant which cuts down on the risk.

If there were a total loss on Day 1 of the property, I would essentially be cut out a check for 171,000 (minus my deductible), even if I did not plan to rebuild, because there would be no depreciation.

It's like selling computers when you have no idea how to cut it on or plug it in.I think that one thing a lot of new investors don't understand is that wholesaling and rehabbing are a great way to build capital but.......what is the end game?  

Their's was a lot better shape, but the previous owners were really hands off and let their property manager cut a lot of corners so I did have some work ahead of me.My wife convinced me to list and show the unit myself instead of turning it over to my realtor as we usually do.

 :) My daughter's issue, and now mine, is that the landlords have known for years that the unit didn't cut it.  

Or at least cut the costs back?

If investors could do all those things, why don't they and cut out the middle man?

I allot 5% to vacancy, 5% to repairs, and currently 10% to capex I'm putting 10% to capex now although when I do quit self managing, I will be cutting that back to 5% which is the average reserve for the quality, and then take a little hit on the cashflow when bringing in property management.