That's going to make your expenses more like 65-70% of rent, if you just increment the 50% rule up by the "extra" taxes.Jon

His hope is to purchase and rent at +cash flow, and use that extra to first pay off the existing mortgage, then the new one.

Jon, i don't have time to devote to 1000's of leads...i'm trying to pursue a music career and use real estate as a supplement..the wholesaling thing is just a way to generate extra income..so i'm happy w/ 100 or so leads even though the most i ever got in a month when i was trying to actively wholesale was maybe 15. who are the NOLA people u refer to?

Got some interested parties, so I'm hoping to do just that, and pocket that extra 50-60K..

(might not be true ,but it is how most of us think) And those pictures can help you get on the good side of all those other prejudice people and earn their trust, that's why most realtors place them..I hope I made some sense..

I know your contractors should get one if they earned at least $600- anybody else?

I don't want to get caught up in anything that my hurt my earnings in the long run or have the government or IRS after me.

I figured I could get him a 50/mo discount to move in, which would save him about $600/year in living costs.So that gives me about ~1300/mo to work with for a mortgage payment and utilities.Do you guys think it's possible for me to afford such a place (i.e. mortgage + utilities + any extra costs like taxes, etc.)?

COIN-OP WASHER AND DRYER IN BASEMENT TO STAY. 2 CAR GARAGE FOR EXTRA INCOME.

But you're earning that income by being the PM.From what I've read here, I think you can do better than that in Houston.