My experience in real estate has been literally investing in REITs, crowd funding loans, and purchasing my primary residence and renovating pretty much every room of the house over the years with my wife.I am a new father.

Long story short my father presented the idea to me of starting my own small time management company, since I am involved I the multi family management industry.

This may make no sense but I will try my bestmy father is in the process of taking over a home of a friend who has missed a ton of payments and let the house go to ****. the reason my father is taking over the home is because he owes him a ton of money and gave him the equity to attempt to pay off the debt. we want to see if the house is worth fixing at all for my dad to try to take some equity out of it or if the headache is even worth it.The guy owes me father > 80K HOUSE. due to bank 130k he is allowing him to take over payments. current owner hasn't made payments in over 8 months its in pre foreclosure but bank is willing to do a short sale to my father. we will have to pay 12k in cash for the missed payments and would end up owing 120. house is in providence ri near broad st. the house needs almost anything you can think of. we have been in contact with all the tenants we have sent an exterminator to begin the process of dealing with cockroaches, bed bugs, ants, and terminates. we have electrical issues a lot of the plugs in the house and light sockets do not work. upon having an electrician visit the house he stated that somebody had the electrical updated in the basement but it was not connected to the knob and tube in the house. they began the process of updating the electrical but for an easy way out t hey only did it so it would pass inspection. he said he would have to get into the wall to see exactly the extent of the electrical repair needed. plumbing is also an issue and within the next year will need all 3 new boilers. the yard has a small parking lot next door but no fence or boundary showing where the property ends. the roof has a couple of years left in it. yard has to be fixed cleaned and asphalt or cement. all basement windows need to be changed and fixed. the interiers are all very dated and would need to be updated as tenants move.

Hopefully after some time we could leverage the 1st duplex into another rental property and keep that momentum so we can achieve our goals.I have experience in general contracting I've learned from my father and my future father in law are both in that field.

At this point, I'm not sure what percent share this would give us in the final sale of the house.My father-in-law is a general contractor and will do the work on the house himself with the renovations expected to conclude in one year.

My 85 year old father in law has a house in Denver, Green Mountain Estates that he wants to sell soon.

thanks everyone. my wife is on board with my plans. its not something that really interests her but she is willing to run errands for me during the day when she has a chance. she works part time and is a full time student as well as cares for our son. i am currently starting to network and find and go to any existing reia groups within an hour or two from me. i am away from home from 430am to 6pm currently having to commute the way that i am but i am using the ferry ride to search online for deals and using my work day to educate myself with pocasts and audiobooks. next on me list is gathering a list of agents to find one that knows what investors are looking for and one to put me on a list so i can be notified when new property hits the market. as well as networking with others a lot more. i am having my wife go to the court house next week while im at work to get a foreclosure list for the last 8 months in my area so i can start also making call and reaching out to the property owners while im making deliveries during the day. im also doing more research on the various owner financing and creative financing option i can use to make my first purchases. with my credit still being low and my debt not fully paid off it has left me with almost a nonexistenting saving account. also we lost my mother and father in law within six weeks of each other in the last 5 months. it has been a rough road financially in the past few months. but i am finding other options and will figure out another way to get it done. i never want my family to be in this situation financially again. i want to be able to be present in my family life and be there for my son throughout his life as well as pass something down to him. these are my goals and i will make them happenthanks again everyonegotta get back to work for now :)Matthew

I have learned what to look for and bring my father in law and another contractor to every house.

My Father however is putting up a significant down-payment.He is getting the rent off of one of the units.

I believe all the rental property was inherited from their father.