I'm getting a lot of hits on my website from craigslist ads, no deals yet but hits are better than nothing.

It's a huge hit.

So if I want to change a window, a door, replace more than X amount of sheet rock, add/remove/move a wall, fix any electrical, change out plumbing, replace AC or just about anything else I need a permit pulled by a licensed contractor otherwise the city will fine me, shut down my job and have my utilities disconnected if I don't comply.

Then the bad market hit.

These are 5 attached 3 bedroom townhomes and 4 individual SF homes all on 1 acre of land.Please let me know if I am forgetting anything.Rent: $8,875.00Units: 9Maintenance $1,331.25Vacancy $443.75Property Manager $621.25Insurance $484.47Utilities $150 (calculated at 85% recapture on RUBS for water, gas and electric metered separately)Landscaping $300.00Advertising $73.96Ongoing Capital Expenses $887.50Taxes $702.63Purchase Price $385,000.00Rehab $78,100.00Holding Fees $17,750.00 (2 months rehab, some will rent sooner)Closing Costs $3,500.00Cash out of Pocket $484,350.00Additional ideas for extra income:Pet Rent - $10 per month per pet (the property has a huge green space for pets that I may actually fence in as a "dog park")Appliance Rental - $25 per month for w/d, $15 per month for refrigerator (I actually ran across this idea looking for my son an apartment recently)Property also has a big playground that I may remove -- not sure yet.Please let me know if there are other expenses that I am not calculating (hopefully they are small :))

I do know Dallas wasn't hit nearly as hard as some other parts of the country by the recession, but watching our biggest asset bottom out sure hurt.http://www.dallasnews.com/business/columnists/steve-brown/20140130-dallas-area-homebuyers-to-scramble-this-spring.ece

Anything more you get large families and more wear and tear. 2 and 3 bedrooms are flexible and hit a large spectrum of renters looking for a house.

So in my example, I bought my home for $180k, so my MIP won't fall off until my principal balance hits $140,400.Check with your CPA, but times have changed in the FHA MIP world.

First, make sure the property was converted to a triplex legally - i.e. all permits were pulled and there are three separate electric meters.Providing the property is fully occupied and the renters are all paying and current it should make it easier to wholesale the property to a landlord.

To hit that goal, I've had to expand my REI techniques; for example, I'm going to be starting my first flip on Monday.