After decades of desiring to flip houses I finally decided to move forward and get involved.

Hi Travis,I'm glad to see you post on this topic, as I've also had the same thought about the west side of Cincinnati and wondered about the more desirable, solidly working-class neighborhoods.

Where outside of Cali do you desire to invest?

Use arm's length lease-option documents along with the counsel of qualified professionals.To charge above market rent is asking for trouble, with both the IRS and when the tenant applies for the mortgage with the mortgage company.What the CFPB thinks is another matter.What I recommend is a. charge market rentb. 12 month leasec. give a ROFR or right of first refusal (Purchaser desires to obtain a right of first refusal or first option to purchase certain real estate owned by seller and seller agrees to grant purchaser the exclusive and irrevocable right of first refusal and first option to purchase.)d. get tenant to bank to save for a down payment in a savings account (serves as verification of down payment saved)e. get tenant to enroll in credit improvement (I recommend www.upgradmycredit.com )f. use a collection company (I recommend www.notecollection.com ) to assist the tenant in VOR Verification of rents.

Plan to buy close to campus so more desirable for students wishing I live off campus.

Yet, I have a good feeling that my desire will have a mutual interest to those who would rather work then have a family.I am young and looking to make big things happen in affordable housing, big commercial, hotels, resorts, multi-family, and land.

We could not find long term quality renters, its not a desirable area, the house kept getting broken into, and vandalized.

The best way to handle such a desire is to have your intermediary actually take title to the new property as an Exchange Accommodating Title Holder and then complete the improvements before you actually take title.  

Its a rare thing to come across a fully vacant building in a desirable neighborhood that actually "makes sense".2) Do you buy from an existing owner at a premium because he already has tenants in it?

I want to find a way to use my extensive experience and desire for independence to create my own property management business as well as opportunity to invest in real estate myself.