Much of that learning can be done on your own as you indicate (universities are churning out real estate investors for example).Have you college books on one shelf and your REI books on another, switch back and forth.

It it's not, you'll end up churning money.

I am so looking forward to buying up some of this churning wave of foreclosures and fire sales for peanuts and turning them into more affordable family housing. 

@Andy Eakes -- You're wrong, California hasn't always churned people.  

Grew up in a traditional household and trying to break free of the panic that sets in realizing I won't have actual retirement bank account with cash in them but will have assets that churn positive cash flow.

Your $20K gives you 20 months + if you reinvest the profits you can keep on churning that money and extending the deal.Strategy 2: Open-air storage. 

Keep churning that active income machine and feed the passive wheel later as you go!

We had a drunk driver wipe out three tenant cars legally parked on the street.Offering payment plans for rent when people have problems is essential if you don't want to churn the units-- I have 5 tenants in the 8 units that have been there for 3-4 years (I've owned the buildings  3 years, 9 mos.); 2 tenants that have been there almost 2 years and 10 months and 2 years and 8 months, and my short-timer has been there 18 months and she has worked at the grocery next door for 15 years so she's very happy to be there.

In areas with historically low vacancy there might be some churn but I don't know how much of this will actually happen.  

Again, selling a note after making it is a brokerage operation, that is not investing for your own portfolio as it doesn't sound like you'll have a portfolio, that's just churning notes, especially at par.If you have money to lend you have money to see a good attorney, if you don't see a good attorney, you'll want enough money left over to pay fines and fight suits, there is a cost of doing business