And you will want to have several thousand in the bank to deal with the inevitable rough spots.Wholesaling, that is, finding properties and then finding a buyer, can generate a few grand for each deal.

Simply put...if it was built in the 80's, you are most likely 'grand-fathered' and will NOT need to upgrade.

We are buying in Memphis and you can get a decent house there for 40-50 grand and so we are in contract on several.  

The way I see it, they're paying me thousands of dollars a year in rent, and a couple of hundred bucks in concessions is a drop in the bucket in the grand scheme of things, and a fraction of what 1 month of vacancy would be.

land use planner is what you need not an attorney.. they do this for a living and its usually a couple grand.

And I have about 5 grand saved up.

It's not about that the amount is small it's about the bank is wanting to take everything you have if it goes south and you stand the most to lose versus the smaller investors that have the capital for their share but not as many considerable assets to go after.That would change the game for me where the property would have to be a grand slam and not just a good deal.

This seems very low.Another attorney told me I can charge $1500 for the security deposit as well as first AND last months rent for a grand total of $3500.Using a $1000 a month rent guideline, could anyone possibly shed some light on this?

No problem :)  I'm not saying you should get desperate and just start jettisoning everything overboard ala the Titanic, but you need to consider everything in the grand scheme of things.

So if anyone has a 1+ bedroom ANYTHING that's not listed, under $65k (cash deal), for sale in Mesa County Colorado, particularly the Grand Junction area, please contact me.