I have seen some solid deals at online auction sites, but I am not sure how to get started.

I even turned off the hot water tank to save money (until my then-girlfriend, now wife, convinced me to turn it back on)—all to use these savings as my launching pad of capital to get into buying income-producing real estate and starting a business.Fast forward to today, the foundational skills and inspiring stories I absorbed from the BP podcast have given me the confidence to take action and believe in myself, significantly advancing my investment career.

Hey @Michael Walley - I'd start off by saying, you are generally in a pretty good position if you haven't already paid him.FOR SURE YOU NEED TO GET LIEN WAVIERS if you have any indication that things could go sideways - don't make a payment til you get them.I would also ask for some type of breakdown of the scope of work you are paying for as you mentioned.Here in Chicago / Illinois a general contractor has 4 months to file a mechanics lien from the last time they were working on the job.I wouldn't rush to get an attorney.

Curious everyone's thoughts on 1) whether I should rent this out as an entire unit or on a room-by-room basis, and 2) what seems like a fair starting rent to list it at?

I am also looking in Milwaukee, had a real estate agent literally give me a drawn out map of the areas color coded to show the different others that are the best to the worst, I’d start looking in areas that are starting to or in the process of being gentrified.  

Everything must be done in the name of the IRA LLC front start to finish.  

If I was to somehow turn my rental into a business, would I start qualifing for business loans etc. through the Sole Proprietorship or LLC?

Maybe we could start a local investor meetup.

It's great you are getting started.

we havent had much luck with co's like RedX or our Title rep providing good contact info , we recently engaged with a co that pulls data for wholesale, as the wholesale crowd seems to be getting through , hopefully that will help for circling prospecting and geo farming; we are starting a circle around our up coming listing, the listing will be priced at $500k and should stay below 600k, it'll be one of if not the least expensive livable detached home near civilization in the county by a big margin ,that should generate some activity; fingers crossed