I wanted to have access to MLS so that I would be able to pull my own comps for the deals I evaluated, rather than pay a realtor a percentage of my profit to do the same thing.

Each of these homes produced a profit as large as my yearly salary and required MUCH less labor then a standard 2000 hour work year.

We only made $13k on that house and I split the profit w/ my partner...I probably spent 120 hours just doing manual labor + management of an extra 10 hrs a week during the rehab...so around 200 hours... $6500/200=$32.50 per hour....not bad, but not enough to quit the day job!

If it were me, I'd pull a little out, partner with some experienced in flipping, and reinvest your profit from those deals into rentals.

I am considering selling off some of my investments to move the profits into another area, I am very comfortable with pricing within my area and have a lot of experience showing units to potential renters.

Yet in this example I embarrassingly need to admit that I directed the profits from my partial note purchase to a NON-tax-free account.

They can also help me go through the process of getting hard money.We would split profits on these rehab projects 50 /50.

I was born and raised here on Maui and currently live on island and have a rental in south Kihei.I enjoy running the numbers, so have a look at my findings for Aina Nalu.The average price of a 1 bedroom, 1 bath unit in Aina Nalu is $241,667 (last 12 months sales).The average VRBO (vacation rentals by owner) price per night throughout the year is about $130 per night, so at 45% occupancy (conservative), you rent for 165 nights a year for a total gross profit of $21,450 a year.Now to cut away at that with yearly taxes of $877.96.

Point being, just because deal won't work for you doesn't mean someone else could not profit from it and sending it to that person could financially benefit you.

In order to make the deal profitable, I sold the property to one of my landlord buyers with a down payment, and carried back the rest at 8%, five year terms.