If you've been reading here a while, you must have ran across the numerous "do expenses really equal 50% of gross rent" discussions, so I won't rehash here.I would advise you to look at your calculation assuming expenses are 50% of rent and see how much you have to put in.

The tenant, ultimately, is responsible for their guests actions/inactions, so advise them accordingly: they need to shape up, or ship out.

But when it comes to purchase advise you are the perpetual "Don't Buy That" guy.

Please advise anyone knows the exact process & if I would be able to contact the atty or bank to purchase in advances.Thanks so much for your help...Angie

.- Am going to a REI club meeting on Friday - will probably meet people who can advise me.

When I am unsure of something, and what I would advise you to do that I think is best is have an attorney answer the question for you.

If you don't know any yourself, the best place I could advise to start would be to tie into someone who already has those relationships built.Give me a call or post more about your situation such as:1.

Either entity is easy and cheap to set up, but I would advise either reading up on the requirements or consult an attorney on how to maintain the corporate veil.

I also do virtual wholesaling in Memphis and as the others here mentioned, it's very tricky to locate properties by zip as there are "good" streets in "bad neighborhood" and "bad" streets in "good neighborhood".My best advise to you is to have boots on the ground whether it is a realtor, property manager, or any other local person who is familiar with the area and can drive by and give you feedback on the street and the neighborhood.Good luck

Also be advised that given the inherent risks associated with their vocations we are actively pursuing a rental property for one to allow her to ‘eventually’ become self sufficient.