You are also basing ARV on converting it to a 3 bed 2 bath.I wouldn't touch a conversion unless there are other 3 bed 2 baths on the street.If just mainly 2/1's then you are going to have appraisal problems and getting buyers to offer on it.Nobody usually wants to own the most expensive property on the street because it appreciates the least and in a down turn loses the most value.Also I believe "I am not sure" but maybe Will knows is that the HML lender wants a qualified contractor to perform the work and will release the money draws once stages are completed.Also some of the work the city or county will require a license for you to do and you will not be allowed to complete the work yourself.It depends on local codes and what they require.You also have to factor in carrying costs and do overs.If I do something that normally costs 1,000 using a professional myself for 600 with parts but it takes my 3 times longer to do it and I mess it up and have to buy parts again then it's not smart.What you have to do is to find qualified contractors to get the job done quick at a below market price.You keep repair numbers low this way and turn times high.If you start a flip a certain time of the year and miss your list date you can be in a world of hurt when the slow season comes rolling in.You might sell at a real low value or not at all while holding costs from the HML eat you alive.You will also many times need good credit as all the HML's I talk to like to know if the investor has trouble selling the HML has a regular lender they partner with to put the investor into a regular loan and pay them off.

The properties I have looked at are somewhat like this; REOs assessed at 100K, can get for maybe 40K, 20K rehab, good cash flows.

Reason being, most I have seen are fairly professional.

Surely your time is valued, so how do you organize your time, what is your routine, just anything us young pups can learn from...Reason I ask is, I'm working professional, work 50+ hrs a week, who wishes I have more time to focus towards my short and long terms goals in RE investing.

Professional con artists are very good at what they do.Many left the residential arena now that it is highly regulated to play in the commercial arena.When that becomes hard to manipulate they will move on to something else.I wish we had a bad lenders website where these companies would be exposed."

There are many tax professionals out there that do not understand a lot of the tax implications of the many ways of transacting in real estate.

This is one reason why you have a professional home inspection.

Professional Asset Management & Sales 2201 North Collins, Suite 240 Arlington, TX 76011 Office: (682) 558-8900Fax: (682) 558-8901

I do see adding a bit of legitimacy with an owner or buyer in getting a third party involved, it appears to be "more formal" "legal" maybe more "trusting", but that simply goes to the lack of professionalism in gaining the confidence your parties may have in doing what you're doing.

Some of the people contributing know what they are talking about but the issue with professional services is that you need to know all of the facts before an opinion can be provided.