In my opinion, you only switch your exit strategy when you determine that your optimal strategy is unachievable (or unlikely to be achieved).

. $200K if you achieve the 20% COC ROI and then you still have to pay your investors and hard money lenders from that amount as well, or is that 20% after all the costs and expenses?

To achieve this, someone must continuously gather the information (number of units and number of days they remained vacant in a given year/month) from the landlords - big (apartment complexes) or small (mom-n-pops).

this sounds like a good way to learn the flipping buisness first hand from a profitable guy....Tom when will you be starting this rehab?

It should include everything from your goals (how do you know if you've been successful if you don't set goals), your plan for achieving those goals (will you wholesale, flip, buy-and-hold, develop land, etc), how you will tackle obstacles along the way (such as financing, finding properties, selling properties), etc.In my opinion, the most important part of the business plan is to be able to hand it to those you trust (friends, family, attorney, CPA, etc) and say to them, "Does this make sense?

This is not only a great observation but great question.For me personally it started when others wanted to know what I knew that allowed me to achieve success in a fairly short period of time.Over time, the number of people wanting my assistance actually got to be too much and I stopped "mentoring" and yes I was charging... probably not enough.Once I sold off most of my portfolio I did want to continue to "coach" others and that is how I got started with a more formal programHere is the really interesting part... once I headed down this path I was amazed at how much more precise I needed to be when helping others to succeed.

Fear is what holds people back from achieving their utmost!

You can achieve what you mind can conceive.

Even if the agent knew that a wholesaler would be interested in the property when the distressed seller first approached him/her, the highest price the agent would be able to achieve would be just that- a wholesale price.

Jumped the gun a little there boys ;-) I just wanted to confirm the value of relationships in any business, especially this one..in this day and age especially, there are people everywhere trying to take advantage of others..this site is restoring my faith in the REI community and I always learn something new the more that I navigate thru the discussions..There is NO substitue for HONESTY and INTEGRITY in any endeavor, and the consistent journey to achieve a win/win relationship with others should be at the core of any transaction, right?