Always blown away with helpfulness on the forum.I highly recommend listening to their podcasts (produced weekly) and attending the webinars hosted by Brandon Turner every Wednesday night. 

But see this is the thing - real estate investors will have to learn how to own rental properties (because rehabbing and wholesaling only produce active income not passive income) anyway if they want PASSIVE, RECURRING INCOME (right @Brandon Turner - which by the way, I got his latest book and it's awesome).

If they only had to write the envelope (typed letters) they had to produce 20 mailer/hour.

I have a great problems - with a friend we developed website that is producing more leads than I can handle - the problem is that they are thousands of miles from my home base.In 7 weeks I have received over 200 good leads all over the US - I am looking for someone in those area to look at the properties and receive an equity interest for doing some leg work for us.At this time we have 45 contracts out -if you are in the following areas - call me - let's see if we can share some equity profits.Oh, I am an auctioneer and this is how we are going to sell these properties - "as is" for all cash.Augusta, GA - Utica, IL - La Salle, IL 61301Clinton, IO So --- if you are in these area - call me for the address - they are under contract at this time - we control those property with a delayed settlement date.Thank you for your help.Charles Parrish - Auctioneer

Everything you do in QuickBooks,(all the filling out forms) QuickBooks produces, behind the scenes reports for you in an organized fashion.  

And yes, I would rather have a property producing 28% returns in my IRA than a promissory note at 12% or, say, shares of a mutual fund.Since taxes are not paid on the rental income received by the IRA, there is no need for deductions against that income.  

No Realtor feesCons: Builder has to make a profit, so they often want to buy the house low, preferably at a wholesale value, unless they can still make a healthy profit after knocking down and rebuilding.Builders look for deals all year round.

How much income does this property produce (or should produce, if landlord hasn't raised rents in a long time)?

Does your team produce leads?

I wouldn't be surprised if this deal has fallen apart, but would produce a lot of lessons learned.