Thanks for your input guys, but neither of you answered the question, which was not a "trick" question Dan.I often am asked by new investors if they should use the services of attorneys, CPAs, etc. or go at it alone until they make enough $ to afford them.That is the common question, not how much financial planners make. the FP was just one of many professional which a person can utilize, I was not specifically referring to them.Any real thoughts on how YOU would answer this question if asked of you by a new investor?

The only hurdle is finding the ability to utilize leverage.

Our landlord pays a portion of the utilities, we've viewed the bills and the usage has been cut in half since we've moved in.

If it is necessary to separate a lease from an option for both liability and foreclosure rules then why not use the following design

Home @ $100,000

Lease home for $500 per month

Sell Option for $5,000
Year one...

The area can support rents (in a comparable property) of 850-1000$/mo + utils.

HAS ANYONE UTILIZED A LETTER OF CREDIT TO PURCHASE REALESTATE?

It has hundreds of questions designed to extract the seller's motivation over the phone.

My name is Katrise, I am a real estate investor currently in the Baltimore MD area, I focus on Short Sales, Wholesaling and other profitable facets of real estate, I also help other like minded investors get educated on the many different ways so utilize this "bad market" in order to make them the most profit.

I have had a tremendous wholesaling business utilizing the Detroit market the past 6 months.

To utilize cap rates in your favor, you have to really understand cap rates and the market in which you wish to invest.