So my choices still tend to be slim to none on quality tenants.These properties do constantly take my time dealing with late rent, hi turnover, breaking things that shouldn’t break, etc.

However right now the opportunities are slim.

That's a slim margin if there is rehab needed for those homes.I figured as much.

In other words, he'd need to hit the lottery a third time.In my opinion, a newbie has 2 chances of successfully pulling off this hat trick: slim and none.

Keep in mind that with verbal promises your chances of winning are slim 

I'm sure there's the occasional lucky one who scores some prescription drugs or a bottle of Jack Daniels, but most of the looters are running out of the stores with boxes of tampons and slim jims.  

The deal is:$93k purchase$25k rehabCan sell fast for $130kPrivate lender gets 25% of netI know it's pretty slim but I'm just trying to do what I can to build some capital and eventually my rental portfolio.

This is one of those grey areas (as most of our complicated tax system is).Either way you wouldn't have to worry about it unless you are audited and your chances of being audited are pretty slim.

I went ahead and created a pros/cons list:New England Pros: Close to home base (drive within 2 hours max) and comfort with the region (know the cities/towns)Good opportunity for price appreciation (not that I am looking for some huge increases)As a result of price appreciation, I am considering taking out a HELOC to do more deals.New England Cons: High acquisition costs (purchase price/down payments/reserve requirements)Lower cap rates/slim cash flowExpensive repair costsMidwest Pros: Great cash flow/cap ratesPrice stability (prices don’t increase or drop significantly)I can scale the portfolio and really achieve my goals rather quickly (more on that later)Midwest Cons: Investing distance (I’ll need to get on a plane rather than jumping in a car and going to see the houses, whenever)Low familiarity with the region.

I am actually looking for a developer I can partner with to develop mult-family tiny home capsules on the back part of the lot.