Simply scared!

[Beryl M.]

Hello Everyone,

This is my very first post although I feel like I know most of you as I've read so many of the posts and have been following you all for a while. I think the time has come to finally take some action as I've been sitting on the sidelines for a very long time. I am a realtor and therefore quite familiar with the buying and selling process but would love to start investing. I've done lots of homework... taken seminars, read books, the works but am still somewhat tentative (read scared).
I'm planning on starting with purchasing very inexpensive REO properties in MD , fixing them up and then reselling them. (I've watched many of you do it and make it seem so easy, I know it's not) I have a contractor/partner who's very good at what he does who is willing to do the work and manage the projects. What is a good way to structure the compensation for him?.
Also I can manage to barely come up with bank statements to show cash for the deals but I intend to use private money. How can I protect myself from not losing my earnest money deposit, if the private money lender does not like the deal? Any other private money lenders out there willing to help if need be?
Thanks so much, any help or advice would be most appreciated.