All I did was look at a property, run the comps, and got a reno budget, So nothing to intense.

No one under age 50.Congratulations on saving,  it can really work out well, Real Estate is very stable. 

Work out your numbers carefully and make sure your ARV and the rent will allow you to exit with most of your initial investment in your pocket.

Direct ownership is capital intensive no way around that if you are in the space long term.  

Just set some good ground rules that you all will abide by and it should work out fine.

Some people like to bet big and potentially lose big, we prefer to place medium size bets and consistently win more modest rewards.By primarily investing in properties with an all-in cost under $100,000, we often have multiple viable exit strategies in case the original one does not work out (we don’t pretend to have a guaranteed crystal ball, but we do like to have options at the end, and we find that our students do as well!)

If it doesn't work out and the seller won't negotiate, there might be a reason. 

Tax season will be telling now :)  For anyone still on the fence, what did you decide and how did it work out for you?

Here's a few ways it could work out.1.

I'll typically contract work out, unless it's something I can handle myself - Residential purchases to turn into rentals (12 months or longer)I read a few posts and did some research, but I want to be sure I am selecting the right NAICS code.