Don't call the tax preparer, don't call Section 8.

That way, when (probably not if) you have to sue to get recover any damages, you have good records to show a judge.It's sounding fuzzy enough for me that you should start shopping for another property manager and be prepared to cut this one loose.BTW, what sort of contract did you sign with the manager?

I have not ever been sued, though I have heard that it is very uncommon to be a landlord for a long time and not be sued, so I am preparing for that possibility and hoping it is just for something small like a tenant who disagrees with their security deposit withholding etc.

I have read a lot on BP and elsewhere and learned that the biggest mistake real estate investors make is not being prepared for major expenses that come up with owning a rental property.

This said I have not done wholesaling just preparing to.

Developers are the ones that go in with the raw land (before anything has been done, prepares everything for a subdivision or to get the property to a point of doing the type of project you're planning (install the utilities, put in streets, etc.) and do all of the work needed to bring it to the point of being able to build something on it.

You can certainly make it work but it will probably take quite a bit of time so be prepared to be patient.

You should seek to get good tax advice from a CPA or tax preparer ...I could tell you the QI that I used, but not sure what criteria you're using for selection of a QI.

They generally though use the QuickBooks file to prepare a list of source documents they might want to look at.

Ok, just so I'm completely clear to move forward in starting.To get my first deal including closing on the deal is simple: Learn, network, analyze deals, find a partner, find money for down payment, create a team for rehabbing the property, the closed on the deal and prepare the process of fixing up the property to rent it out?