I say full time but in reality I have been building rentals and managing a nightly rental because the trustee's sales all but dried up the last couple of years.

We have a multifamily under contract (to use as a rental and owner occupancy, maybe condo-ize it someday) in the Roxbury/Dorchester area and would like to make something of the basement, which has a high ceiling and looks dry, but of course they're always damp at least.  

pardon my ignorance, i'm an engineer by day so i deal with cut and dry, this is a hobby and infact this is my first deal of any sort.

@Jarrett CoppinIf you have dry powder and patience, wait for the collapse and buy cheap assets from the guys who couldn't wait and went belly up.  

That rules out the vast majority of buyers - especially with homes like this one, with peeling paint and some rotted trim. 

Some wood rot under bay window from missing siding.My Question is about the Spread/ Profit.

That all dried up in '08 and my equity disappeared over night.  

or is it cut and dry and it is useless unless you get additional licenses for each other state.

The lakes are drying up pretty quickly and with more people moving here and putting their straw into the lake to water lawns, bathe and drink water, I see that becoming a real problem if not addressed.

Can I get all the earnest back if it was disclosed as "small amount of water in crawlspace" on sellers disclosure but in reality there was a significant amount without rain on a dry inspection day.