I think you'll have to look hard for20% cash on cash, but those are out there.As for quality, I think with the tough times we'regoing through, there are really nice houses comingon the market at steep discounts.Especially look into the Short Sale market to findhouses in pre-foreclosure that will be quite niceand might even meet your cash flow requirements.

There is a short sale that I showed a client on Monday.

IS THIS A POSIBLE SHORT SALE

Our non profit organization provides preforeclosure sale, and preforeclosure short sale training & support to real estate agencies' brokers and brokers' agents.

One problem with any relatively short buy/sell scenario is transaction costs.Conventionally, a real estate agent takes a ~6% commission.

I recently started a home improvement company - albeit mostly to get my sparsely-employed-as-of-late-contractor-boyfriend off the couch..( He is great at what he does, not so at sales, marketing, follow up, paperwork, keeping books, which I am now handling, along with some light assistance to actual physical work)...Anyway I'm starting my first rehab shortly and was planning to just do the work (it's a light job) between he, I and maybe another guy we know.

My short term goals:get a mortgage and buy at least a 3/2 house to rent w/a positive cash flow.Move into it, and either rent or sell my residence.

I spent months looking for the right deal, long story short he went to look at the property and cut a deal with the widow who owed it.

But that really is not the only issue, but moving on....if you're making the payment and the loan is current, it's highly unlikely a lender is going to say move out and give us the property, especially right now.Long story short, notice to the lender is important as it establishes acceptance of the transaction over time.

In my experience, the best tax professionals are the ones who will help you plan several years in advance for ensuring maximum long-term tax savings (as well as short-term, of course).