Sometimes I'll come across agents who really don't know what they're doing. to me getting a license is like passing the Bar exam  it just gives you the right now to learn how to practice law.. just passing the test in RE in no way prepares you to be a good agent / successful agent thats the next step..

Prepare a list of informed questions that you can ask potential lenders and go to lunch.

Don't ask.Show up prepared and be interested.

@Bethany PeysenTo expand your real estate portfolio, stay connected with agents and lenders, conduct thorough inspections, and prepare for longer closing times.

It was added years ago to stem the flow of inexperienced investor purchases and to get investors to consider whether they are really prepared for this business.

A good basic course is usually the one taught as a preparation for getting a real estate license.  

I understand that it might be smart to have a good balance of cash in the SIDRA in preparation of something like this, but that cash sits un invested. 

Prepare for competitive offers by getting pre-approved, having a proof of funds letter, and being flexible.

@Will B.No.. even though I normally do my own tax preparation, when it comes to depreciation recapture the IRS doesn't give you any info on how to fill it out. 

Of course, you can't protect yourself completely, but this will also help you prepare for buying the next properties a little better, and it's an exercise I generally do when I'm on a showing for a property I'm serious about so that I'm factoring this into my analysis to some degree in a "capex" reserve.Capital ExpenseRoofWater Heater x2All AppliancesDriveway/Parking LotBoiler x2FlooringPlumbingWindowsPaintCabinets/CountersStructure (foundation, framing)Components (garage door, etc.)