Covers T & I as well as capex, repairs & P.M.For example a common search I run for investors is houses that cost between 55-60k that rent for about 1k.So let's say you buy a house for 60k.So your rent is $1,000 Capex. repairs. utilities, PM, taxes and insurance on a house like this is gonna run about $500/month.

Thanks for the advice, @Jordan T.

I would like to develop a network of contacts, around Orlando and Tampa, initially.One aim would be to partner with you on deals, or obtain your (paid) help in managing properties, rehab work, site visits, bird-dogs, and so forth.If you are starting out in real estate wholesaling, I have a variety of resources I can share.Meanwhile, I am still trying to determine how to make contact with some Orlando investors who posted on this site.Inquiries welcome

I have also read a great book on RE Taxes from a guy called John T.

I am not worried about obtaining financing as an LLC.  

Depending on where you obtained the credit report, many portals working directly with the agencies will offer the agency programs which allow a consumer to pretend to pay down or off other debts to see the score impact.  

I obtained an FHA loan for 240k at 5% with PMI back in April 2009.

The real philosophy behind asking questions is not only to obtain answers to those mysteries lurking in the back of our minds, but it also serves as a way to "interview" these local experts.

Can a person obtain FHA financing while they currently hold a VA home mortgage?

Always be willing to walk away from any deal.As far as taxes and insurance it depends on whether or not his mortgage payment covers the T & I in the monthly payment.