The only time buying a nice house at value is bad is if the profits aren't there.

Really that simple.Of course, the pitfalls are:- Extra time/effort/risk in permitting- Extra holding costs- More risk to the budget- More risk to the project if you're experienced/comfortable doing additionsI think this is something that any serious rehabber should have in their arsenal, as when inventory gets tight, these types of deals are often the ones that are available/profitable.

Happy with the way it turned out and the profits.

Leases are key with the stated income and profit might be off of vintage leases at high per sq ft amounts.

Some probably never lose it but they obviously learn to manage it if they stay in the game.Don't let fear turn into a reason to not try.Don't be so worried about that first deal not making the kind of profit your tenth will make.

I would also recommend reading FLIP: How to Find, Fix, & Sell Houses for a Profit by Rick Villani & Clay Davis.

These types of agreements are always rosy going in with high expectations of a profitable venture together.

I want to retai it for Maxim profit.

If you buy from some owner and then flip it for a significant profit, the issue of your greater knowledge comes into play and, depending on your relationship, flipping a contract can be considered a net listing issue, having a seller agree to accept a certain price with you taking all the profits above that price.Next, is the broker liability, if you are out there doing flim-flam investor strategies the risk of deals going south goes up, if you tick off some owner in doing a screwy deal your broker can be held liable.Barring that and other smaller issues, like marketing, co-broker arrangements, commission credits on deals with owing the broker a % of the credit being ironed out, no broker can really keep you from owning real estate.

If you are a member in a LLC and your contribution or duties are to locate deals, that's fine, you are acting in that entity's best interests, working and sharing in profits.