Originally posted by @Kyle J.

Originally posted by @Anderson Schulle:Glad it all worked out well.One question that came to my mind reading all comments here...did you deal directly with the son and the property?

Buy a cheap house, rent it, flip it, 1031... repeat/trade up... repeat/trade up... repeat/trade up... until you have a significant asset above and beyond the quality of your original house purchase... then move in.

Originally posted by @Nathan G.

Originally posted by @Abel Fermin: Hello I'm trying to get my feet wet when it comes to investing in rental properties but before I do I would like to consult with a CPA, anyone know one in the Los Angeles Ca area? 

Although I got "100% on my money each year" I got 100% only on  my original money, NOT 100% compounded.

Originally posted by @J Scott:Hi Darren,My new book, "The Book on Negotiating Real Estate" is on Audible, but my first two (Flipping/Estimating) don't yet have audio versions. 

Originally posted by @Mike Dymski:I'd settle for a 40 hour work week. 

Originally posted by @Matthew Paul:I would account for the WORST possible scenario .

We will have to invest more capital than we originally planned to fix the damage, which will lessen our ability to re-invest in other properties, but the cash flow and rate of return on the property still work even if we estimate out what we think repairs will cost.