3 years lurking ... considering investing in the next 6 months or so!

[Jason Schmidt]

I am in the Houston area and found a website that advertises a number of houses that have 10-30k equity built in. It is very exciting for me to see, but was wanting to know what you all thought. I am *PETRIFIED* about getting one of these. I do NOT want a rehab, as I don't want another "job". I want an income producing property that is fairly passive. I have read some books about real estate, but I think I'd like some practical, grass roots rubber meets the road advice. What steps do I take? I don't have any debt, and would like to invest maybe 25-50k cash to start out with (there are decent homes here for 70-80k apparently). Any thoughts?