I agree with @Larry Chafe , getting a seller to contribute to "feeding a negative cashflow" but if the seller wants to avoid a short sale, with all the negative connotations of a short sale (hurts your credit - FICO, you have to declare on US Govt employment and loan forms that you went through a foreclosure, the IRS may "claw back" and say you owe money on the short sale, etc), but...It is not impossible.

Scott's book "The Book on Flipping Houses" I'd recommend reading it.As far as finding cash flow properties, I know that's a pretty difficult if not impossible task in NYC.

I was under the assumption that that practice was common, even amongst BP members.If you personally pay for every wholesale lead upfront, wouldn't that make it impossible to continue wholesaling properties on a consistent basis, say if you had 5-10 deals a month?

We would like to get the zoning changed to make it a legal SFH and complete the interior conversion (basically making the 2nd unit living/dining into bedrooms)Does anybody know if I need an attorney or if I can just submit a zoning change request with the city?

They said that sandwich lease options are okay because you stay in the deal, but that you cannot legally do assignments without it going through a licensed agent / broker.I cannot find that statute anywhere and I have called the Florida Association of Realtors legal line to ask and the particular attorney I talked to had not heard of it.

I found Biggerpockets researching some legal entity questions I had and found the forum to be extremely helpful and professional.I live in Chicago on the NW Side.

Their lease is going to expire in 6 days.So the most I will lose out are w months rent + legal cost +bogus maintenance bill.

In order to file, you will need to appoint a registered agent which can be any individual or business entity that agrees to accept legal paper's on the LLC's behalf if it is sued.

Probably that you are to young to legally sign a contract if you find a deal.

Generally what happens is the appraiser will appraise it at its highest legal use or in this case a SFR based on the zoning for value purposes.