He has been saving his money for years and has plenty of money saved but no experience with real estate investing.

I currently have a majority of my savings invested in the stock market but am looking to diversify into real estate and other ventures to achieve my financial goals.

The amount of capital required from your savings to purchase multiple properties depends on the appreciation rates.

They are going to have the real costs and lessons learned that will save you lots of time and potentially headaches. 

Effectively good egg is simply a P.O. box that takes a Commission out of your hard earned/saved money, in return, for purportedly providing due diligence to vet the potential projects and sponsors, on your behalf.

After entry, save receipts and back up in a file for that year. 

I've been trying not to reply to so many posts about this, but also need to watch out for rookies to save them from losses.The other thing I don't like is that so many folks interested in this usually have very little extra capital and could lose some or all of their "extra" capital on a bad wholesale deal if they made one mistake. 

I would focus on saving enough money that if I had a deal go bad, then that money I saved was there to cover it. 

Keep saving money. 

Seller Pre-Sale Financing: Consider selling the tenant-occupied property "as-is" now to an investor, perhaps at a slight discount, which could save time and eliminate renovation costs.