A summary of the opportunity is below.2 4bed/3bath SFH offered together for $1.75M.Comps show implied value of $2.4M-$2.5MVery desirable neighborhood of OaklandSeller has offered to finance a portion of the total purchaseBoth homes are completely vacant and recently remodeled (so we can command market rent for all units)Since my business partner and I have recently started investing, we do not have significant reserves to put down $300k+ in a traditional loan package.

He planted a tree lower than I desired. 

The good news is they can also add a lot of value if you do them correctly, because few people have the desire and skill to mess with that level of problems. 

If so, what has your experience been like as far as profitability, acquiring properties, working with property management firms, DC vacation rental laws etc.

I am a firm believer in "knowing your value", and I understand that a lot of people jump from that to "never work for free".

Mark Canton is a BP member, CPA firm partner, and active real estate investor in WA and CA. 

Sure, some people make a killing off of low-end rentals but it is extremely time intensive and you would need to have your systems/processes firmly in place.

Typically the only other contingencies a buyer would have with the standard Louisiana Residential Agreement to Buy or Sell provided by the Louisiana Real Estate Commission is for financing and appraisal, but if you have a contract that is a cash purchase with an as is sale, then you have no other options to get out of the contract.See lines 197-200 on the contract:  "FAILURE TO GIVE WRITTEN NOTICE OF EITHER TERMINATION OR DEFICIENCIES AND DESIRED REMEDIES TO THE SELLER (OR THE SELLER’S DESIGNATED AGENT) AS SET FORTH IN LINES 161 THROUGH 180 WITHIN THE INSPECTION AND DUE DILIGENCE PERIOD SHALL BE DEEMED AS ACCEPTANCE BY THE BUYER OF THE PROPERTY'S CURRENT CONDITION."

@Esmeralda Lopez  I recommend using Patten Law firm as well for wholesaling.  

Hi @Derek, I run a commercial property management firm here in the Triangle...Think of a NNN lease as the owner is responsible for the building envelope (roof, walls, windows) plus taxes and insurance.