This doesn't mean that they are trying to cover up anything and it puts the due diligence on my shoulders, where it belongs, anyway.Thank you all for these fabulous responses!

The total was $1785 (I believe this may have included registered agent fees and address forwarding, and I need to review my invoice for if this covered state filing fees, but I think not).

I have the Texas Residential Lease Agreement but I dont think it covers everything.

1. get deals flowing from wholesalers2. do your own deal research3. find houses that need a lot of TLC4. make sure you have a true comp (more is better) within 1 mile of your subject property that justify a good ARV5. run the rehab numbers w/ someone who really knows contracting6. build in a robust timeperiod to rehab and sale, along with contingencies for time and rehab7. get the best hard money deal you can get8. take into account all of your acquisition fees, escrow, title, HML points, etc...and selling fees (agent comm, taxes, title, etc)9. make sure you can at least make %10 NET of your sell price (so if you sell the home for $500k, your numbers should have you at $50k+ net profit in your pocket when you close and everyone else is paid.Onward!

Since its my first i was hoping someone can help me with a sample contract that they have which show what the format should look like and what points should be covered.

Just closed on 3rd property this year and wanted more information about portfolio loans.Thank you, Michael, Wayne and Caleb for your thoughts on this subject.  

Garner covers Wake county and Johnston county, and your school district may explain rental demand some too.

The basement is accessible from the bottom unit as it is, I would just need to frame and sheetrock the garage access from the basement so it doesn’t abut a bedroom in order to cover my bases (I believe). 

Spam protectors are one example of a perk since we are on that subject.

If your guy is preapproved for a loan, his bank most likely isn't going to fund the deal with income like this for the reason that you mentioned, free cash doesn't even cover debt service.