That leaves $1,545 per month with which to pay the mortgage and for any profit.

The 30% equity spread that Jim was outlining will cover all your expenses and profit margin NOT including repairs.

Is it a non-profit?

i know the hunt for a profitable property is the hard part but i think we just need some guidence on where to look!?!?!

Also, I know that due diligence is extremely important in finding a deal that will be profitable.

since lenders don't like too many loans with an investor, and since i plan on buying several hundred over the next few years, i thought it might be easier to go private.i would buy with cash and rehab. afterwards i would refi to pull out investment and some profit, not going over 80%LTV, with new 1st. explain to lien holder that i would be selling doing a wrap to create cash flow. be up front with them.just wondering if this is plausible. i would love to get opinions or any other ideas for accomplishing this.jim

Also How can I make sure that I am protected, and get my share of the profits?

You have no room for a profit.

Now I have no choice but to make it work.Fortunately I did have some reserves at the time, but they're dwindling fast. i figure I can make it about 3-4 months with what I have left, but -knock on wood- as long as I can get this house sold within that time, I get my money back, and I make a healthy profit.

Put 6K in it for updates and when we divorced sold it for a 100k profit split 55/45.