However I realize that in these markets, profit per unit is so minimal that even a short vacancy can turn into a negative cashflow situation.Here is an example, please let me know if I am missing something;Assumptions:  Purchase price: $100k. 

I have found that there’s not really any profit left if you hire a full-service builder.

Find a deal, manage construction, do some of the work if you have that background, you will have to do something to make someone want to partner and split profits with you.Do a live in flip.

# 1 CY Proverb - "You can never lose money by taking a profit!"

Besides my secular job I am a also the Pastor of the Truth Church in Edgerton, KS.I have a limited background in real estate investing but I have bought 3 single family homes in my life and one of those I had a renter for a couple years before selling for a profit.

-property location-style (sfr, land, mfr, etc)-purchase date-purchase price-debt service used -%rate of debt service -rehab costs if applies-exit strategy-disposition date-disposition price-gross profit-ROI % or annualized % of returnNot sure how complex it should be.

I use the P&I payments on the upb to calculate my annualized return on a reperforming note, but I use the estimated payoff to calculate my overall net profit should the loan payoff early or go to foreclosure. 

I think the self-directed IRA is a huge, rarely untapped resource for most people.I just feel that a lot of 'savers' would love to work with an 'investor' and would more than happy with a return much lower than RE investors would require for HM or profit splits.

And with a good tenant buyer that is willing to pay in a little extra per month toward the down payment, you can get them to work... and ultimately collect your profit on the backend, or on the second and third lease option tenants if that plays out.The clear advantage of going this way is... if you dont find a "GOOD" lease option buyer, you are not obligated to the sellers... just let the bank take it like they were going to anyway.Pre-foreclosure lists are easy to find, and because getting a short sale completed is a numbers game there are often many sellers in that niche that could not get the short sale done, and are going to walk... you can cut your teeth on those until you get your system fine tuned.On a side note... the other way to go is to get a mailing list of absentee owners from your county tax rolls, or realquest.com.

we share profits 50/50 on anything that I buy with it.