The financing part:Total investment 71.500,=Mortgage 50.000,= => 300,=/month (@6%, 30yr) => 0 (initial) CASHFLOWDownpayment 21.500,=What do you think about this?

My family has been in real estate for the past 3 generations and I found no way to escape when I got out of the service.

Your RE business generates more income than any other income source.As opposed to depreciation which spreads deductions over 27.5 years (residential only), you could do a cost segragation analysis on your property (cost is between 2k-3k) which always produces larger tax deduction benefits and partially avoids the depreciation recapture when you sell.

I asked the magistrate's clerk when filing initial paper to evict ...what to do if the late tenant comes up with the rent.

Most hard money lenders want to be on the initial purchase rather than the take out loan.Even tougher is doing loans under $50,000.

There will always be some hidden expense that you didn't figure into your initial calculations that will sneak in on you.

All parties agree that fax signatures/initials are legal & binding.

Originally posted by "jolllyroger":If you make a deposit why would you need a contingency.So you can get your deposit back if due diligence indicates it's not as good a deal as was presented by the seller or the initial inspection...If something turns up that was not disclosed recover your deposit.You can't necessarily do this if the thing that was not disclosed was not disclosed because the seller didn't know about it.For example, a contingency on inspection would allow you to check for termites.

So I guess that my plan is to put bids on properties as if I'm going to hold them to the river (i.e. make sure that they're positive cash flow after paying everybody that needs paying / generate sufficient IRRs), but to the extent that I can, I'd like to flip them for a quick profit.

That's a later stage in the process, and often happens several months after the initial purchase is filed.