Personally I do not take any investor on unless they are properly educated first because with out of state investing, it is important to understand what you are getting yourself into. 

@Sean Ryan If I understand the land contract correctly, it's just a form of owner financing and while it might keep the lot in your friend's name while the buyer pays it off, it will still go out of his name once the buyer fulfills the contract and owns the land.  

I am looking to make my first flip, very small nothing major but before I make any moves i want to get a better understanding of closing.

According to my calculations, the DSCR for my current plex will be 1.48 and the new plex will be 1.31I don't quite understand what you meant by this: "meaning you'll have to give an extra 130k in cash down (320k + 130k = 450K)."

I've found very few agents that understand construction and almost 0 that have a good grasp on construction costs. 

I DON'T UNDERSTAND!

I think what you are looking for is someone trained in the ways of real estate investing - an agent that will:Introduce you to FSBO's - Expired Listings and other real estate opportunitiesWill be your fiduciary representativeWill make offers for you on suitable real estateWho understands creative financing; delayed settlement, seller assisted financing, assignment, wholesaling, REO, tenant selection, soft money mortgages, tax salesWho will be responsive to your financial goals and a person of integrity and trustHelp with direct mail and street marketing to locate transactionsHousing and rent court marketingAbsolute aware of financial and contract clauses as well as contract engineeringCan assist in - delayed settlement - automatic extension, performance mortgages, subordination, principal mortgages, options and joint venturesAware of bidding on REO, forclosures, tax sales and public auctionsUp to speed on commercial real estate, lots and land as well as businesses with real estateHow should you treat this wonderful person (if you can find one) -They should have a commitment from in the form of a Fiduciary Buyers Brokers AgreementYour agreement to pay them a commission on any non-listed deals they bring youA bonus agreement for great deals that you closeA gas budget - or a cash payment for gas Kind words and respectTo be sincere and active with the agentRespect from youFirst class training on how to represent youSometimes an equity interest in the great deals the agent has initiatedListings when you are ready to sellYour cooperation - all your financials, tax returns and other information that will help your agent close dealsA few free lunches ----Good luck --- Charles

I have one rental in Louisiana and when we got flooded... the rental lease is not in effect anymore as the house is not live able.... it's a pain if u don't have insurance.... if ur renters are good for it.... at least ask them to take out their stuff in the curb... a lot of renters just here just left.... and landlords has to do all the hauling away of their thrash too...On the gentle note.... pls be cautious when talking with renters... pls be kind and understandable that they too lost a lot of their possessions aside from the fact that they might not have a house to rent as housing demand will be very high....

I understand, that it is impossible to do rental comps online, without seeing the property, but, there still are some decent ways to do that

I understand that when a market crash happens if people have the capital or are in a good position they can really captilalize on the situation.