The trade-off there is that it is easier and takes less time to evict a tenant for not paying than to foreclose on a homeowner for default.

Not even institutional properties class A are trading for that except a 5.5 to 6 cap in urban core New York etc.Even with owner finance this property doesn't work.

You'll learn lots with your small multi-family property and you can trade or move up as you build equity, income, credit, and experience.

The Federal Trade Commission has plenty of warnings about this.

These are the best books that I've found for beginners for fix-and-flip and wholesaling:------------------------------------------------"FLIP: How to Find, Fix, and Sell Houses for Profit"Rick Villani and Clay DavisISBN-10: 0-07-148610-0ISBN-13: 978-0-07-148610-1"Getting Started in Real Estate Day Trading"Larry GoinsISBN-13: 987-0-470-41862-8 (cloth)------------------------------------------------As for earnest money deposit, it's not legally required for a valid binding contract (EMD is a deposit not consideration), unless the parties specifically agree in the contract that EMD is required or there is an unusual situation like California pre-foreclosure of an owner occupied home (in that situation CA law requires a nominal cash EMD of about $100 if I recall correctly), and some other states have some inane consumer protection laws regarding pre-foreclosure of owner occupied homes.Having said all that, if you are buying from a For Sale By Owner (FSBO), then I suggest using a 0% interest promissory note for the EMD, that is redeemed upon completion of the inspection period or upon contract assignment, whichever occurs first.

Only certain trades require specific licenses.

Roofing contractors margins are insane for a trade that requires very little training.

There are always trade-offs.As a long term rental, Rent would be high, and rental pool would be limited - but at some price there is a tenant for every property, just depends on where the demand/price line would intersect.

You'll build up some trade lines and a paydex score quickly doing this.It is still very unlikely most balance sheet financiers will care though.

The last thing he said to me was that he likes to barter and trade and said he would counter my offer, which is kind of strange but that's what he said.Thanks for your time every one sorry for the long post talk to you soon.