Diary entry One- I just spent a month doing the due diligence, aligning the management team, developing relationship with key players (particularly the lender), and I am almost there.  

Dominated by 1-2 big players that are not the nicest of people...

I've got two calls you'd appreciate.One is with a Major League Baseball player on his $1.7MM house and the other is with his financial advisor who you will hear tell me he understands I'm going to make over $100k on the deal and has no issue with it because I deserve to be paid. 

I'm a poker player myself and love the game.It sounds like you've come to the same realization that many other investors, particularly in California, have come too.  

If you can cover 1.20 or better, then you're in good shape. don't limit yourself to just regional players.

I am attending all the REIA meetings in this area and getting to know the players.

The serious deal seekers and commercial players are nomally the ones that actually make a full time living/profession in this field.

He has been #1 quick service restaurant for many years world wide.

I'm a fairly new player in the RE scene, but can tell you a few things out of my personal experience.

Get familiar with the way the market ebbs and flows, know the local players and make sure you become a household name for your niche if you decide to do this full time.It is my personal opinion that you should be able to figure out if a deal is worth calling the seller's agent after 45 seconds of spreadsheet work, not 13 pages.