I usually see the home and meet the owner before a PM agreement is signed.  

He agreed to give it a try, finally!

So just about 3 weeks ago I finally decided to resign from my current w-2 and go to school to be a licensed RE agent.

Obviously, all of this is negotiable and would be in the agreement you sign with your investors.

Instead of selling my townhome and using the cash to fund my next deals (my assumption is a sale would leave me with a profit of between $50-$60K depending on final sale price, fees etc.), I am considering using my equity instead via a Home Equity Line of Credit (HELOC) to fund the next deal.  

Going in I knew it was tenant occupied but on a month to month (but paying weekly) and it was a fast close and typically I deal with any inherited tenant situation while still in escrow and have some kind of contingency/agreement in place for that but I bought through a wholesaler this time and it was basically a no contingency deal.

Starting on the siding and roofing and all the finishing touches, we can’t wait to be done and start our next house which is vacant and demo begins in 3 weeks (follow to see updates) What I’m getting at is, the flipping world is not for the weak, you will get beat down, you will fail but in the end once you finally achieve your goals and jump those hurdles you’ll be sitting in a heating house looking at your accomplishments and realize everything you’ve worked so hard for this past few months is now a reality and it’s time to enjoy it!

It also matters what type of agreements/forms you use with your buyer. 

Starting on the siding and roofing and all the finishing touches, we can’t wait to be done and start our next house which is vacant and demo begins in 3 weeks (follow to see updates) What I’m getting at is, the flipping world is not for the weak, you will get beat down, you will fail but in the end once you finally achieve your goals and jump those hurdles you’ll be sitting in a heating house looking at your accomplishments and realize everything you’ve worked so hard for this past few months is now a reality and it’s time to enjoy it!

We were just about to finalize our written agreement with the contractor and we asked him to bring his partner to look at the property within two days.