I think I have a pretty good grasp of the basics involved and we are looking to use a 3rd party loan servicing outfit to keep things simple for ourselves.Any general suggestions/advice as to what to be on the lookout for?  

Yeah, I'm just going to continue mailing all of the leads I gather, and then use the info I get from calling them to get a better grasp of what's going on with these situations.  

We are planning our first investment to be traditional mortgage to get our feet wet and gain a solid grasp on that process.

I am looking into meeting wholesalers in the Austin area and/or maybe even join on a  few deals to get a good grasp of everything before I venture out on my own.

Maybe that's what you did, moving around from broker to broker, looking for one who allowed such an attitude, I have no idea why you moved so much.Plainly, you're a marketer, not grasping what a professional is.

Really helps out new investors like myself get a good realistic grasp of things!

not really, but it's fun and having a good grasp of finances can only help.

Once you grasp the concept then look on BP for others who do private lending and seek individual advice as to their risk/reward process.Risk is a very personal thing.

I have several books and am beginning to grasp an idea of what I am going to do.

It sounds like you have a pretty firm grasp of what you are looking for, and a great background to get started.