Emails are even quicker, normally within the 1/2 hour since God's blessed us with the technology of the Treo (mobile emails).

When I put the property under contract, is this done with an attorney present like a normal closing or do I just have the seller and I sign the contract?

If you are trying to wholesale to buyers that are using conventional financing, you are in for a wake up call just as John outlined.And John, no, I am not referring to buying the property with hard money.

Your city is normally the one who sets licensing standards.At the state level there are restrictions on being a property manager for a property you do not own.

Normally, if they don't know you, you are going to have to use more earnest money that that.

In my market they normally list the owner as "client of office" and its always sold "as-is".

Normally, it is 5%.

No cash flow to really cover your backside if you do the wrong deal.Granted I started investing in CA and felt rather well trained when I moved to a more normal market.John Corey

If the buyer is looking at cash flow only he is not my best buyer b/c he is bottom fishing and in a solid real estate market the bottom fishers are normally buying properties in declining areas of town that have little to know chance for appreciation.

I assume that normally I would never have to pay taxes on this money because it is borrowed.