I cannot comment any further on how or why you would use or implement this further with your investors.

If your property type is 'preforeclosures', then learn the parties involved; learn the needed steps to take in your investing state_states vary; implement the necessary steps with a real estate attorney; then, repeat the process over and over again.

I plan to implement certain controls to take the risk of fraud out of the picture.

Jack - Great idea and I will surely implement ASAP!

What could be the 1 thing/change that you would like to implement in 2015 compared to last year inorder to bring in improvement in your customer acquisition strategy/process?

@Alex Harshman it sounds like you want to implement the BRRRR strategy on this duplex using hard money to acquire up front and then refinance on the back end once the rehab is complete and the value is higher...is that correct?

@Henry Chi, I am taking note of the suggestions being offered here for my own efforts.Mine will not be as huge an acquisition, but I like to see this breakdown as it helps me know where I need to control myself when it comes to spending.I have in the past overdone it with the remodeling and glad to see that I need to again revisit my own current budget as I was about $15K for a Duplex in Denver but clearly am a little off.I do have some reg-rading to do, replacement of retainment wall and was going to do some window work, some fence work but I may have to definitely revisit my own budget and implement all suggestions being given here to Zach.

Most of you know my story of how I went from being homeless at one point in my life, to starting in Real Estate less then two years ago with $30K saved, and by implementing the information I learned on BiggerPockets, today I now own 10 cash flowing properties Free & Clear with no mortgages that I call my blue collar retirement plan.  

My favorite saying is "applied and accurate knowledge is power".If you learn something accurate but do not put it into practice you will get zero results.If you take inaccurate or half-accurate information and apply it you will not get the results you want.The combination of what you just learned being accurate and correct and the implementation is what makes the best chance for success.I usually just look at the books for free and pick up tidbits that way and read on this forum and also read state statutes and federal statutes.Tons of fascinating info there you didn't know.

I need to implement a 6 month or 1 year contract for my Tennant.