But ultimately, mistakes and problems will come no matter how much learning you've done. 

It might be that the number doesn't even factor in interest if he gets a total price he would like.Remember to listen first and you will undoubtedly come up with creative solutions to take care of the sellers needs while ultimately getting the property you want.

So where does one begin if the ultimate goal is to become a financially free investor?

This will ultimately depend on the property being marked as rural or not on the appraisal report, and depending on the population density, the lender may or may not finance the property.

This will also tell you where the bar is set by your competition because that ultimately will tell you what kind of furnishings and amendments you'll need in order to be competitive.

@Sonal Chopra what a great question, thank you for asking this to this community.Long-term goal would be the same goal my wife and I have today; Build, passive on going revenue streams that exceed our current and future expenses with the ultimate goal of giving away 80% of what we make to charities and causes we want to support.

Here are a few I recommend: "Rich Dad, Poor Dad" by Roberto Kiyosaki; "Set for Life" by Scott Trench; "The Unofficial Guide to Real Estate Investing" by Spencer; "The BiggerPockets Ultimate Beginners Guide" found here on BP; "The Book on Rental Property Investing" by Brandon Tuner.

My ultimate goal is of course make a bigger profit.

Our commitment to providing necessary resources enabled Emmanuel and Angela Stanfildis to focus on the renovation and sale, ultimately achieving a profitable outcome.

So it can be a bit tricky to do it this way, but ultimately, requiring that hold deposit will let you eliminate the risk of a tire kicker no showing on you when it comes to pay and you've already told everyone the house is rented.