You probably need an experienced contractor too.

@Jon HoldmanSo, I need to have a contractor look at the property?

Thanks Steve, decided to leave it alone with just the one bath.This is for the michigan investors in the area, I'm sure you have gone thru similar stuff with contractors but my Electrician is MIA, if anybody knows of a good one with reasonable rates for a rental, it's not a small job, it's moving a box and running the lines.

I looked at the cost of contractors, home values, and rent locally.

The Issue: I want to buy real estate leveraging OPM but have no suitable income to satisfy a lender.The Goal: Purchase cash flowing real estate without ever needing to get a full time salaried job.Where I'm at now: I am twenty three years old, just out of college and am supporting myself with different jobs [mostly hired on an independent contractor] and paid hourly.

He also provided me with a CMA and contractor name

I'm still trying to find a diecent contractor.

Angry me, angry homeowners and the contractor that did the work is nowhere to be found, so it cost me a ton.

deals 7 and 8 had a partner - he found the home, I fixed it up, managed the rehab, he sold it, we split the net profit...these were ok deals we split $20,000 on each deal but they took 5 months and 9 months respectively due to issues with contractors doing shoddy work....so if you figure our profit at an hourly rate these were not barn burners...but hey it's $20,000 I didn't have before, so I am fine with that#8 paid $265K used hard money, spent ZERO on rehab, wholesaled it in 12 days for $360,000, that was a nice one (sad back story on this one, owner of the property was busted for selling drugs and arrested, then deported to Mexico, so wife took over the drug selling biz...then she got popped, in order for me to be able to close on the home, Escrow had to go to the jail to have the wife sign, then hire a mobile notary to drive down to the SD/Mexico border to have the husband sign) death, divorce, drugs, disease....the 4 D's that create real estate opportunities, sad but true#9 paid $205K used hard money, spent $25K on rehab, sold for $300,000#10 paid $90K for 3/2 SFR, used hard money, spent $3500 on rehab, rented out for $800/month, slight negative cashflow currently (-$150/month), market value is $130K now, plan on refinancing into better loan in 3 months, will cashflow $300/month after the refi#11 paid $108K for 3/1 SFR used hard money, spent $3000 on rehab, rented out for $850/month, slight negative cashflow currently (-$190/month, market value is $140,000 now, plan on refi into better loan in 3 months, will cashflow $150-$200 after the refi#12 paid $125,000 for 4/2 SFR used hard money, spent $0 on rehab, house already had a tenant in it paying $900/month, will be raising rent to $1150/month, market value is $160,000, plan on refi into better loan in 3 months, will cashflow approx. $500/month after the refi#13 invested $50,000 with my parents to buy a triplex, for $530,000, property cashflows $1000/month from day one, and value has increased to $650,000--------------------------------in current pipeline/in escrow - thru these deals I've made good friends and I've made my hard money lender some good money, hard money lender let me know he has $5,000,000 +/- sitting in the bank looking for houses to invest in, and he's given me the green light.

If I am assigning a property from a motivated seller do I need to fill out an assignment contract or a purchase agreement.In all the tutorials and information I am reading on wholesaling seems like they are giving information on assigning the contract between the wholesaler and the end buyer.What do I need for to get a property assigned from a motivated seller before I find someone to buy the property?