Always, I repeat ALWAYS do a full and complete analysis on a deal and NEVER NEVER ever purchase a property just based on any of these so called Rules.You may be very sorry that you didMake it HappenSteve

Hi @Casey Loeber,As long as what you are doing lines up ballpark with what you went to college for, your base salary can be used as qualifying income immediately.

Figure $100-125sf for new construction but this is relative based on level of finish. 

After looking at softwares and excel based on your recommendations, I decided to take on the challenge to create my own excel sheet that covers Income Statement, Schedule C, Estimated Taxes based on the current tax rates.

So if you made 10k one year and 100k the next they'll base it off of 55k.

I live in South florida though and don't have many contacts since I left there.The property is a 2/1 single family home near downtown and about 20 minutes from the base.

It could be a deal based on the numbers you come back with.

What I feel I need is a mentor that's based out of NY to bounce ideas from and soak up some knowledge.

I just didn't want those hassles.I also discourage people from buying properties based on a unique operation of the property - like it making sense as a furnished rental.

Am I way off base here or is this a good flip for someone?