What this will do obviously is get our house off the books as the rent will cover the mortgage, taxes and insurance for the 6 months, then at the end of the 6 months when he gets back they will supposedly buy the house.What flaws do some of you more seasoned investors see in this.

Unfortunately, if you have to shoot someone, the criminal will not only have holes in him, he'll be covered with lipstick, loose change, fingernail files, and whatever else women carry in their purses these days!!!

You get a quicker sale because the buyer can literally visualize EXACTLY how the house will look.You'll find REALLY cheap and Nice stuff on Craigslist.com & your price can cover the costs.

What are you comfortable with is the real question.Question 3: You may put multiple properties into an LLC then get one commercial loan (blanket loan) to cover all of them.

Along with that the developer will provide guaranteed rental to cover mortgage for additional 2 years.

It is possible to get a loan, usually hard money, that will cover both the purchase and rehab.

Has anyone gone down this track, of suffering the first few years, and then gaining a nice return, and how long do you estimate I'd need to eat ramon noodles for?

Better be ready to cover that.

As for the dual payments, our plan was to get the $1800.00 rent and cover the additional $1000 (HOA, Taxes, Insurance, etc.) + another $1800 (max.) for the house we are planning to buy.

Our market in CO still looks like it's dropping so I don't see any reason to jump in it.I'm sometimes a little impetuous, I often suffer from "gottadoadealitis" but as I've gotten older I've learned to slow down a bit and have not regretted it.