Our plan is to do most of the rehab ourselves and with help from qualified friends which will help us cut some costs but exactly how much, we don't know yet.Thanks again!

If you are lacking in one or more of these areas, finding a property that will allow a positive cash flow will be a lot harder as fewer properties will be able to qualify.

In theory you should qualify to obtain this loan out in this example but I've never had anyone who had no income source or other properties except for the subject rental in question.

You won't know what you qualify for until you meet with your lender.Nothing motivates an agent more than finding a pre-approved (or at least pre-qualified) lead.

You don't need to worry about their credit or income because he already qualified for that stuff on his own.Just my 2 cents, plus interest.

I guess the question will be, If we just wait to list it, are we going to find more than 5% of qualified buyers who will balk at the finish out - say, want Sub Zero and a whole house compter system and all that.

First, I'll qualify by saying my perception is slightly skewed since, I'm a lawyer and use them very little.That being said, for my investing I don't use a lawyer.

A good way to make some cash for the next down payment on a buy and hold.Your flooring skills will definitely be helpful as a landlord.

So, if you have a duplex where each unit has exactly the same square footage, and you live in one and rent the other out, then 50% would qualify for the 121 Exclusion and 50% would qualify for 1031 Exchange treatment.

Recognizing it will take some skill to accomplish that, my original posting is how best to start developing that skill.