You may be stuck with a series of bad choices. 1) Hang on and lose a little each month and hope you can eventually sell with minimal cash out of pocket, 2) sell now and bring a bunch of cash to the table, 3) refi and bring a bunch of cash to the table, 4) try to do a short sale with all the fallout from that, or 5) let it go into foreclosure with all those consequences.

Basically 35k i had sitting on the bank, gaining minimal savings interest.So we went ahead and form an LLC, Spoke to a few local investors we know, and we are currently on the proccess of looking for our first house to flip.I met with 2 real state agents, one that deals directly with different banks and another one who set us up with an email alert for properties in the market.However, I 'm aware of how tough competitors can be in todays market and would like to know, what other things we should be doing in order to find our first house to flip.I know we have a limmited budget and that actually works against us, But i was wondering if there are specifics sites or people i can talk in order to get access to properties that are not out there for the taking, or in other words, properties that are not available to every single investor.Also what other advice can you give this newbie business.Thanks in advance

They may consider normal monthly expenses, but don’t include major repairs and the very real possibility of extended vacancies in their calculations of ROI.It is critical for investors to have all of the facts in turnkey real estate investing, to maximize their return on investment and minimize financial risk.

I graduated from University of Northern Iowa and am in the process of applying to physical therapy school.Over the years I've started many small entrepreneur ventures with minimal luck.

The key is minimal costs.

The question I ask myself is:1) How can I minimize risk "x" beforehand in my loan documents.Great questions btw.

This, I would think would minimize out of pocket costs to acquire a rental property.

While there are a lot of tricks to mask the odor or minimize it, the chemicals within the paint are actually off-gassing and will continue to do so for some time.

Minimally I agree with those that have a separate account that they have just for these deposits and then sweep them as soon as payments are made.I take it a step further (and get the benefits that people talking about the cards get by being able to better track who has paid and when without having to do anything extra) by having a separate account for each unit.

My concern with a full time job is that I just wouldn't have enough time to put into wholesaling.Depends on the job and how much all that stuff is going to be running you.IF you can get away with a part time job and just minimize your living expenses that would be better since you will have more time.This would be what I would aim for.