Since then the property has been vacant as I attempt to find qualified next tenants.For tax purposes for 2008, I am assuming the vacant days will only effect the income side of the tax equation and the remainder (depreciation, other expenses) will be allowed as previous years even though the property was vacant for 7 months of the year.

The amount spent to renovate or improve the property does not automatically equate to an equal value increase.

I'm trying not to be discouraged...And I certainly don't want to jump just because it seems like a good deal...I think the part of my equation that I'm not factoring in is this:If I get the home at the rate I hope (60k) and I borrow 80k that will leave 20k in reserve.10k I will keep untouched for unexpected things.

I got into this to create personal freedom....A better sense of lifestyle...Tracey, in answer to your thing about leverage...I do leverage alot in my real estate business....In fact my deals (wraps) are typically in the 80% LTV range where most other investors won't touch...And then we work to get the deal back to cash...Asset to cash to asset....From there the money is moved to the personal investing side of the equation....And we pay cash and turn that into notes...

This equates to $300 per year.

Leave them out of the equation until they are needed, like when you need to find a buyer, then they can get a commission for doing so (assuming they find one before you do)

Everybody wants to take us out of the equation when in fact I have every valuable piece of information you need sitting right here on my desk.

You would be paying too much at $1.5M$17k gross monthly income would probably equate to $8500 in NOI X 12 months at a 10 cap = $1 million max pay.Have you seen the current expenses?

Also don't equate wholesaling with "easy money".

The acquisition portion is something I worked with as though a cash partner was part of the equation, not a lender.