My friend put up the cash for purchase, I'm funding the rehab and I'll pay him his cash back plus interest at a 10% APR when I refinance.I didn't know where to start, so I offered him 15% when we started the conversation.

Thanks for the advice, I will continue to dive deeper into current listings and evaluating their potential. :)

If you haven't yet- be sure to setup some "Keyword Alerts" to get into conversation in your target area.

mortgage underwriter can kill the deal because of that, unless you post money in escrow (in some cases). sounds like a fun conversation with the city. can you use that to negotiate some more "credit" towards purchase price ?

Here are a few recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsIf you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below.

Here are a few recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetIf you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below.

Here are a few recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/ If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below.

@Dave Snider per our conversation last week, yes - it's very hard to find any decent deals to flip.Don't forget to look at the surrounding areas like: Franklin, Mooresville, Camby, Martinsville, Plainfield, Danville, etc.

During our initial conversation, he did mentioned he owed some back taxes (a few thousand).

When you get into the deeper end of the pool then it is nice to have a mentor or be able to just ask someone that has done it at you local reia club.