and it's 100% essential that there's an airport nearby (for work). 

Essentially I assigned the deal to him, and then he assigned it again to the end buyer.

Over in NY and here in CA landlords are required to hold a security deposit essentially in trust for the tenant, which means we can't comingle/use/invest it as if it were 'our' money, although we can 'hold' it in our personal checking account or similar in trust for our tenant(s).ITS NOT A LOAN.do correct me if i'm wrong.

There are "investor rehab loans" they just don't go by the same name as the 203k's but its essentially the same thing.

As Mark stated above, proving 2 years of income is essential and write offs (as necessary and tempting as they can be) can place some serious road blocks on your path to home ownership. 

None of the other expenses are verified yet.)Net Operating Income - $56,069We've recently experienced an oil boom in West Texas which has taken a huge hit, weakening rents in the area, because several oil firms have laid off many of their workers while oil is at a current low price per barrel, so the rents which have been collected may not remain as high as they were in 2014.My primary concern is that the expense ratio seems unrealistic to me, I've been accustomed to considering 50-60% as normal for expense ratios in my local area, this complex claims to have a roughly 30% expense ratio. 

Flipping is not passive income so you are essentially creating a job.  

Originally posted by @Brian Gibbons:Buy on Land contract w 5 % down, pay forc36 months and refinanceDuring this 36 months make sure that you work on your creditI have helped people do this for 30 years that have had a really bad situation like a bankruptcy or foreclosure Hey Brian, is this "land contract" essentially the same thing as lease-option?

Essentially, I am finding "driving for dollars" leads.

While I do own one rental home in the Central Valley, the property is rented to a business my wife owns and manages, (essentially the home is rented to myself) so there are no tenant issues; and thus I have virtually no experience as a landlord.