You have to be passionate about REI and hustle, have perseverance, live/breathe/eat REI,  have perseverance,  work the numbers, have perseverance and finally TAKE ACTION.  

Also remember if you sell the new home after closing you have agent fees and closing costs which will eat away at your profits.

I started exploring foreclosure auctions for the past year, found a rare opportunity for a house similar to what I'm renting now that needs minimal work, and am in the process of financing for purchase price of $413,000 (mortgage would be less than rent at $1800/month but could flip for $625,000).Because our market is so high and these come by once or twice a year (so many investors here eating up the foreclosures), would you 1. flip right away 2. rent 6 months then refinance and keep 3. rent 1 year rental then sell or 4. live-in flip 2 years? 

And definitely max out your IRA contribution ($5500) each year, even if that means you're eating ramen and pb&j sandwiches while you're young.You can't get a personal loan with your IRA, it has to be in the name of your IRA, which isn't you, and it has to be non-recourse.

I’m just starting out on my real estate investment journey. The only thing I have to get started is a property I’ve inherited that own free and clear with an zestimated worth of 83,000. My wife and I make a combined 9...

If you do not manage the project properly time can eat away all your potential profits.

My cost of living is essential zero because I have two loving parents who let me live at home and eat for free..

But you do run the risk of the HOA eating that up over time with increased fees.

They talk , leave messes , eat your food , bring over people you dont like   etc 

I am trying to cut down on my expenses though by making small changes like eating at home instead of going out, skipping some trips w/ friends, etc.