Include rental income and expenses, plus copy of leases.Credit report (lender will pull)If you already have a deal negotiated, you’ll also need to show:Signed contractDetailed repair list with costYour proposed exit from the deal, either resale or refinanceContractor contact infoOther info will be needed as questions will arise, so please be prepared to answer themStep 9: Negotiate your dealUsing the number you need to make the deal work, contact the seller and stay engaged til you are able to seal the deal via a signed contract for purchase.

I am motivated and open to other suggestions, but I feel stuck.I had created a RE Business Plan several months ago, and it is as follows:Mission Statement Just a man trying to make his way in the universe by striving to deliver affordable rentals to those in need while applying honesty, humility, and servant leadership.GoalsDaily Goals Engage with like-minded positive people focused on success.

Be careful who you accept advice from...Here is the law from an Oklahoma Lawyer:59 OS § 858-301 states, “It shall be unlawful for any person to act as a real estate licensee, or to hold himself or herself out as such, unless the person shall have been licensed to do so under the Oklahoma Real Estate License Code.” 59 OS § 858-102 (11) states, “‘Licensee’ shall include any person who performs any act, acts or transactions set out in the definition of a broker and licensed under the Oklahoma Real Estate License Code.” 59 OS § 858-102 (2) states, “The term ‘real estate broker’ shall include any person, partnership, association or corporation, foreign or domestic, who for a fee, commission or other valuable consideration, or who with the intention or expectation of receiving or collecting a fee, commission or other valuable consideration, lists, sells or offers to sell, buys or offers to buy, exchanges, rents or leases any real estate, or who negotiates or attempts to negotiate any such activity, or solicits listings of places for rent or lease, or solicits for prospective tenants, purchasers or sellers, or who advertises or holds himself out as engaged in such activities.”59 OS § 858-301 states, “However, nothing in this section shall: 1.

Now, you simply have to work on the other elements to progress your REI pursuit.Ok, now that you have taken your initial step, below are some quick links to get engaged. http://www.biggerpockets.com/starthere http://www.biggerpockets.com/ubg http://www.biggerpockets.com/meet Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate Success However, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

Had you done  deal and then taken a seminar or a course, it would be a different story as you would have already been engaged in that trade or business and simply expanding upon your skills.

Its going to be very important to have those reserves for qualifying for loans as you scale so I would say the answer is Yes But you can engage in some cash management strategies where you really only need to have that cash in reserves at the point of getting a new loan, so at other times you can draw it down as needed

A taxpayer who engages in frequent and substantial sales is almost inevitably engaged in the real estate business.

Now that my brother and I have the necessary knowledge and funding we are starting our real estate investing/rehab careers along side our construction company. 

@Alicia Hensley  not the case what you have is laws that WA and OR passed about 5 years ago that relate to buying a property in Foreclosure.. they are anti equity skimming laws. and there are HARSH penalties .. you would be best served to understand the laws prior to engaging in this activity. .DO NOT take anyone on a website forum like BP's advice as gospel... they are not the ones who will have to answer to the authorities you will. 

I look forward in engaging in discussion as a better way to understand what's on the minds of those in the business.