When the property is sold, you get paid your profit plus your capital back and the seller gets his $160 and you give him a Release of Option.It is crucial you get the MOO recorded so the seller cannot sell the property without you getting paid.Having said the above, I am not an attorney so consult a real estate attorney licensed in your state and have him or her structure it the way that is legal in your state.Hope this helps.

Often times the to do lists for the contractor is in the 40-80 item range, and even with a good PM its impossible to monitor everything perfectly, and I have caught some items here or there that were either not done at all or half assed.   

@Ryan ChaifNot enough details here and you really should consult a qualfied professional or two. 

I wanted to highlight the significance of monitoring your credit report, especially if you're considering a major financial move like buying a home.

.#3 Contact Local Contractors for Labor Pricing / Hire a GC to ConsultCall local Subcontractors and get budget pricing for common repairs on your typical rehab project.For example, call a roofer and ask what their average cost per Square of Architectural Asphalt Shingle Roofing would be on a 1,500 sf house, with a 6/12 pitch.Note: Some contractors will be reluctant to share pricing without seeing the property, but tell them you are just looking for a rough budget number you can use on future projects.You can also pay a General Contractor a consulting fee of a couple of hundred dollars (per house) to walkthrough a few properties with you and provide a detailed estimate of prices that you can use as your 'menu for future projects.#4 Compile Your Prices into a Spreadsheet or Estimating SoftwareOnce you start to get a better understanding of Labor and Material costs you will want to store this data into a spreadsheet or software that you can use to help you streamline the estimating process.The Book on Estimating Rehab Costs comes with a spreadsheet that you can use to help you populate your own database of labor pricing and material pricing.

Since you're not paying a mortgage pro for consulting, it's in their best interest to give you a solid plan so you're successful.

@Geetika Casmon before you go through the hassle of forming an S-Corp for tax purposes, you need to consult a CPA who will help you determine a "fair wage" and then if it's even feasible to go the S-Corp route.

As someone noted above, if you're unsure whether you're a dealer or investor, you should consult with a tax professional as to your specific situation.

We come down to Fort Myers 2-3 times a year and monitor the market.

We are working on a couple of leads in the U.S.A. rust-belt & midwest and another couple here at home.We've been monitoring other parts of the country, but most places are more expensive (and out-of-step with reasonableness) than the Maritimes.