And if you decide to move forward, make sure they pay for the background / credit check fees, and clearly state that it's non-refundable whether they pass or fail. 

Hi all, I have my first few leads lined up and when I call sellers to negotiate I need an idea of what my bare minimum wholesale fee should be.

Hi,I had this question in my mind always whether I should serve the legal notice every time tenants late with rental fees.

PURCHASE COSTS: Purchase Price ($62,000.00) Inspection(s) $400.00 Appraisal(s) $450.00 Survey(s) $0.00 Lender Fees/Costs $0.00 Closing Costs ($5,200.00) Other $0.00 Total: -$66,350.00 REHAB COSTS: Labor (from page 2) ($13,900.00) Materials (from page 2) ($16,380.00) Total: -$30,280.00 HOLDING COSTS: Mortgage Payments $0.00 Property Taxes ($300.00) Insurance ($700.00) Utilities ($900.00) Lawn Care $0.00 Other $0.00 Total: -$1,900.00 SELLING COSTS Selling Price $130,000.00 Commission To Agents ($7,800.00) Buyer Home Warranty ($500.00) Buyer Termite Letter ($50.00) Buyer's Closing Costs $0.00 Seller's Closing Costs $0.00 Total: $121,650.00 PROFIT: $23,120.00 On to my questions:- Other than potentially needing to pay some of the end buyer's closing fees, am I missing anything else that should be accounted for?

So I would be first and have $5,000 of potential equity but this would get dissolved quickly with lawyer fees, real estate fees, on going bills, opportunity cost of lost interest. 

In your situation you would likely be charged the NJ Realty Transfer Fee for each transfer.

And I'm afraid the property may require high repair fee after the tenant moved out if that person is not neat.Thank you all of the opinions.

Often they are extended, but obviously at much worse terms, which drives your condo fee considerably higher when the renegotiation happens. 

Otherwise I tell them they owe all rents, all late fees plus the cost of the filing fees which must be paid before the deadline on the notice they're received from the Clerk of Court.I have been contacted by other landlords regarding two different tenants who were being evicted due to nonpayment of rent. 

What we do when we sell is give property manager 6 months of PM fee for current occupancy.