That is definitely the biggest mistake I made on my first fix and flip, but I still ended up positive because I factored in unexpected costs that might have occurred.

I wonder how that works, if the incident occurred during the active period of the policy would it still go through or you SOL if you didn't get it in before (assuming it really did expire)?

In the situation above your butt would be covered and I personally would want to make sure these are provided at move in regardless and then looked at during an annual inspection if those occur.

You can chart the ROI out and see when the break-even point occurs. 

And I learned about RITA for the first time by accident, luckily in time.)It is not that I dislike Cleveland and its satellites.

(2 Closings) = $70K plus.Holding costs include (but not limited to) Loan Interest payments (borrowed from family and HELOC), insurance, taxes, utilities that occur during the Rehab period and until the property is fully rented.  

That includes Purchase Price, Rehab Estimate, Holding Costs (includes but not limited to loan interest payments, insurance, Utilities, and HOA fees that occur during the Rehab period up to the point the prperty is fully rented), and Closing Costs (Purchase closing and Refinance closing). 

CORRECT... and one I never mentioned to the other posters.Because these transactions are very large, neither Broker every represent the Buyer or Seller legally nor hold Escrow.Once the meeting of the mind occurs, the Seller's Attorney then sends a Contract to the Buyer's Attorney.The transaction is then out of the hands of either Brokers/Agents.The Attorneys for either side typically collect $2k each.Even after, the Closing Agent is normally another Attorney.Also, Closing is normally done at the Bank's Attorney's Office.Typically, there are 4 or so Attorney's, each representing all of the Party's interest, The Buyer, The Seller, The Bank and the Closing Agent and/or Title Company.At the 9 Closings I have been a party to a Transaction, normally as the Buyer, there has only been ONE time that I have ever seen a Brokerage send over a representative to collect their check.

I have no idea if this will be able to occur as of yet (we are researching with the city now) but if we purchased a 4 plex and a duplex and then are able to convert it to a "6plex", when we go to refi (using HML's to do purchase and rehab), how will the banks choose the value of the property for which the loan will be created? 

your auto insurance covers up to $300,000 if you were to cause an accident.