If you're betting on appreciation, you might do ok.As far as why someone else didn't buy it, you never know.

Hi All.I'm a newbie that is in the stages of buying his first property.What sort of operations work needs to be done?

Our DFW operations are headquartered in Grapevine and any of our staff would also be available any day if you had questions on our company.Either way, be sure to let me know if I can help you in any way either on the BP site or with your investing!

Learn it all, don't go in with a preconceived idea that the material has to be applicable to RE as most won't be initially.It gives a big picture of management concerns in business, you'll probably look at examples from large corporations like GE or Ford and you'll look at small operations.

I don't know why more newbies don't operate this way.

I will have to operate out of New York for the next 18 months and then I will live there.

The IRS doesn't get the note terms.If he refuses to close you have him on a valid contract, he won't want to go to court for performance, nothing personal, it's just business.If he closes he can come by personally and pick up his payments, I'd bet he gets tired of that.

What would be my best bet as to start up money or money up front ?

If I'm off on my rehab costs or my ARV, all bets are off.

Do you have an attorney preparing the operating agreement??