Identify the need that you can deliver on.Grow: you, your income and opportunities will increase as you continue to do the above.Biggerpocket podcast is a good launch point.

It can be done ethically, but you need safeguards to confirm mortgage & possibly property tax payments made on-time, as well as insurance with you protected.- Also, you need a legal way to take back the deed if buyer defaults!

The homeowner has direct title, can sell at any time and gets 100% of the appreciation and tax benefits on these houses.

Build up job skills, build up savings, and increase your W2 income.

Fail to produce K-1s in time for LP tax returns to completed on time, refuse to communicate with LPs, when LPs start to express frustration.Cheryl Cheryl, I'm sorry to hear this.Many investors learn expensive lessons with their early investments.Knowing nothing about this deal (because I didn't invest) I can already tell you the 24% projected return was a major red flag (in my opinion).

@Claude Diehl,You don't need a CPA or tax expert here; this is a straightforward transaction.

As is often the case, it harm low-income populations most.

But weigh the costs of insurance and taxes against the cash flow and make your decision accordingly.

Finally, check with the Town to make sure there are no municipal liens, Make sure they're on Town sewer, check with the tax assessor to see how many bedrooms the tax office thinks there are, (important if you are flipping) buy ok to have more bedrooms if you are planning to buy and hold.  

With “very little income” where is this $8k/mo coming from?