For those that have yet to do this, it takes less than 10 minutes if you are a single member llc - just make sure to have a copy of some sort of identification. we did all of ours .. and our attorney contacted us as well and let us know to get them done or he would do them for us. 

If my stories scare them (and they often do), they should NOT be investing in Detroit.But I'm equally tired of the narrative that these sorts of houses don't work as cash flowing investments.

I’m sorting out best options for a house that my husband bought in 2008 which has been a rental for years now.  

Furthermore, California has a very anti-landlord and anti-real estate investor government that can cause you all sorts of other problems as well. 

For example, more downpayment means less interest rate regardless or whatever loan.I am trying to see what sort of action I can take right now so I can plan detailed and measured steps to my goal.

This is my first investment of this sort and it has not worked out how I originally intended but I am learning from my mistakes and will be making better decisions in the near future What made you interested in investing in this type of deal?

I doubt many are going into credit card debt or if they are that's kind of crazy.. as this part of real estate has no smoke and mirrors generally.And I suspect because most of these folks are doing some sort of PPM and need to deal with accredited investors.. that separates those wanting to start to those who have already had some financial win's or experience and just looking for a new avenue.. 

.: I have to disagree with Rod, sort of. 

Assuming you want to aim for syndication, you sort of need to learn how to develop a pro forma that ties the return to an IRR/XIRR. 

Some jobs that help are by being a waiter at a restaurant or try getting a job in property management or something real estate related of some sort.