Wholesaling through the MLS is not impossible, just improbable.

It comes very close to the 24% gross annual return (2% guideline) using the higher repair and lower rent figures.The 50% guideline you brought up is to make an owner aware that 50% of those gross rents you collect each month will flow back out in the form of various expenses (taxes, property management, repairs, replacements, legal, vacancy).

However, when I think about "New York" I think big people, big money, tons of competition, and impossible for me to make any progress there.

What you lack in technical or legal expertise can more than be compensated by offering to be helpful.For example, keep a list of handymen, tradesmen and contractors that can fix problems.

There is a common misconception that for something to be legally binding it has to be written by an attorney.

No equity no deal IMO.Get together with a RE Attorney to ask or get the correct paperwork suitable/legal for your area.Find buyers by networking with investors, agents, brokers, lenders, attorneys, craigslist, bandit signs, newspapers, etc, etc...

Hello BP,I figured the title was appropriate with all the legalization stuff going on here in the past day(s).

In our area it is virtually impossible to get a house like the one I'm referring to at a reasonable price.

Do I have any legal obligation to do business with people that I do not like?

It was just impossible to sell the condos/houses, but most landlords (including myself) failed to see it as a real business...