the few things you missed on are things that sound like you didnt have experience with - things an architect or contractor generally would know about, like you need insulation/underlayment for floors, maybe nails maybe glue all depending on which you use - you generally have to calculate a waste factor for most materials and it will be different say if you lay your tiles in a pattern or just straight rows, the size of the tiles will make a difference too - for sheetrock you have to know the costs of nails, plaster, green white or if maybe you really need cement board - so it looks like you need a prompting calculator or a rough estimate generator or a contractor or maybe just learn more and do it in excel yourself?

I'm making interest-only payments on the line right now and there is an option to convert it to a straight amortized loan later down the road if rates rise.

I think you'll find the same issue with M/F :)There are investors that acquire properties creatively here in CA that do end up cash flowing (interest only loans, seller financing, etc.) but that's a whole other ball game than a normal straight purchase.

I've also bought notes from Keyhole and  Sherman Arnowitz, the company's principal is a straight-up guy.

Charles County Business RecordCategory:Trustee SalesPosted:11/12/2014Inserts:21File/Case No:BURKEMPERDocuments:Print VersionThis is straight from the counties website for trustee auction info.here is the county tax record history for the property, they haven't been owners in years, they originally built the house.  

The first summer of fixing 2 units a month for three months straight was a very expensive one.  

I tend to do more skimming than reading during the late hours of the night, and my head isn't always thinking straight at that time either :-) Just be sure that it doesn't "look" like they're owner occupied either, for example if the tax mailing address matches the property address.

If you want to buy a foreclosed home I would recommend starting with a government foreclosure  www.hudhomestore.com is where you will find "HUD's" www.homepath.com is where you will find Fanny Mae properties dont waste your time searching realtor.com or zillow to find REO's go straight to the source.Pros for beginners1. 

Buying in SoCal is just a different method than buying for straight cash flow.

@Rob Gillespie so you just skipped right over Monopoly and went straight to the real deal?