You'll just need to figure what works best for you based upon how much documentation you want disclose, time, and cost.

Figure AT LEAST 6% selling costs, that's average commission, plus you'll have some associated selling/closing costs.Now you're down to $228K on a cost of $209, minus your negative cash flow and you're probably better off going to Vegas and putting it all on RED.all cash

I always figured it would be natural to get into something larger to enjoy even greater rewards, and not surprisingly, real estate and property have been on the radar for quite some time now.

Can you give me figures and examples of why this would not be worth it, and you would just pass it up.

I figure my perspective will change drastically once I have one under my belt.

ToadWhile I'm no expert REI investor yet, I think I have it figured out that those who say that its not important to pay off mortgages ASAP are putting EVERY last penny of that money they would be putting into that mortgage, into another property instead.

You have to find ways to break through the ice so you can sit down with them and figure out what the best option for them is.

I'd be specific but I cannot figure the rules out here!

you have to have an accurate rehab estimate, and the total (purchase+ rehab+ holding/marketing) has to be figured relative to a reasonable sales price.

Tim, While there are GURUs out there that seem to have figured out how to navigate these waters (Alan Cowgell SP) seem to be one of them... the reality is that once you have someone lend you money you are entering some special realm involving securities.