When you find a prospective property, you will want to go over the profit and loss statement with a fine tooth comb and compare it with typical investment property figures.

It was enough to get me headed the right way and many other well known investors on here that are giving back started where you and I did...here....asking simple questions.Also, some mentors may be willing to help if you guys split profits on your first couple deals.

Include the profit on a schedule C to make it subject to SE tax.

It is lucrative and substantially profitable.

If you just did this work full time as a contractor on other people's properties I think you could make way more then the $40 profit in 2 years (+ free living while you do it).Or continue to do flips but oversee the work on yours and several properties at once and leverage that skill into more profit.Just food for thought as to how you can take that passion and skill that you have and make it work for you even more.

If they can't get financing you can still sell it at market value for a $30k profit.

The owner has a mortgage on 3 of the properties, which I assume he's trying to get out of (not sure if he's trying to also make a profit on them or not, but likely so; he's not interested in a short sale).

It's that or nothing out here and although house out here are profitable at 200k we in Canada have a floating rate 2.5% but it can go up or down, so if it goes up to 5 % 200 k dept is going to be ugly.

Resale Proceeds: the net profit from the sale proceeds would be split 50-50% between Managing Member and Capital Members.I hope this helpsAnkit

." - http://www.biggerpockets.com/renewsblog/2009/08/06/easy-ways-build-wholesale-buyers-list/Later on she said, "When I work with other wholesalers I get part of the profit if I find a buyer.