If you credit is bad & you have no cash, you're going to need to use one of the following strategies until you can increase either your cash supply: 1.

No wonder we are in a RE meltdown.Too many people are trying(& buying) that have NO money.Bad things happen guys.You need cash to smooth out the unexpected.2.I'm guessing 99% of the people here own NO RE.I have read only a few posters who i'm sure have real world experience3.Too many people jumping into RE blind.4.People who buy books,cd's,dvds & attend seminars are idiots.A few final thoughts...Bad things happen.You WILL buy a property with a HUGE unexpected problem.Plan for it.You will have a renter smear feces on the wall the day before eviction.You are the ENEMY in almost every tenants eyes.

That's a bad thing.

I think it must be really bad out there and I cannot get my brain around it, or I keep getting buyers that cannot perform.

They sent me over a deal with the following:Appraised Value 80,000Purchase Price: 37,000Rehab Price: 13,000Total Loan: $60,000Mortgage Payment 30 year fix 6.875%: $534 with taxes and insurancetenant rent: 800 month.Equity: $20,000cash flow $186property management is $80 a month Does this sound like a bad deal?

You answered my orginal question, too bad it was a little radical..

Hopefully I won't be too bad off if the IRS checks me out since I believe the short-term capital gains rate is the same as my ordinary tax rate, but I'm starting to think that maybe I should have paid self-employment tax even though I only did a couple.In any case, now that I am going to focus more on REI, I will set up a S-corp to do the fix-and-flips and a llc for the rentals.

Now I have a smelly deck - not so bad except in the humidity.If the basement concrete is damp, you'll be able to smell the pee when it's humid outside.

There are no spots in the ceilings that look bad and based on the condition of the rest of the paint I don't think the last people who owned/lived in it would have covered it up.The other numbers have helped too.

I would never pay that much for carpet for a rental)Cheap carpet gets wear patterns and starts to look bad in just a couple of years.