Hello,I recently closed on a BFD deal and looking for direction on correctly setting up journal entries, to make it easy at tax time.In a nutshell...We hold a mortgage on the property with a principal of $150k, 4.25%, 30yr amort (liability)The BFD sale price was $300k, with a $45 downpayment, $255k financed at 5.5%, 25yr amort, 3yr balloon (asset).All transactions are run through an escrow agent, and we just collect the net difference monthly (~$325 or so).   

I would hire for them for their expertise to guide me on what I do.

deal flow  getting deals good enough leave enough forced equity to get your cash back at refi pretty simple concept.2. cracker jack rehab crews that can get these turn overs done in time and on budget.3.

I'm new to this business, and feel as if Norada can really help guide me through this for the first time.

Cashflow is not a myth, the deal is made on the purchase and rent to make the numbers work. 

If you go that route, you might pick up "Erin's Guide to Midterm Rentals."

With media giving Florida condos a bad rap right now it can mean finding the best deal in 5 yrs on one. 

Research emerging neighborhoods, find properties using MLS, Zillow, and Redfin, explore financing options, form partnerships, analyze deals using BRRRR calculators, and manage the rehab process.

Figure out the appropriate price point and you can determine which deal makes more sense to you.

@Luka Milicevic makes an excellent point: the Greater Nashville area is tough on rookie investors because housing prices are too high, rents are too low, and it’s hard to find deals that pencil out.If you’re open to investing in areas outside (but still close to) Nashville, I’d suggest checking out Chattanooga.