I first started reading books about real estate investing in high school but got sidetracked with all the fun of being a twentysomething in NYC (probably could have bought 5 houses in cash with all the $ I blew on partying, sigh).

Sidetracked...

I didn't want to bring that up because I don't want this to side track into a discussion about why that might be a bad idea.

Not to sidetrack too much, but another question for all: since there aren't many improvements to make on this property, I will have to come up with a down payment (most likely).

You can see where you are and you can see where California is but without a map with the actual roads you are going to take to get there you are going to get lost, sidetracked, and take much longer to get there than if you have a detailed route laid out.

@David Franza I think we got sidetracked..but...here's the deal..You are looking to do a SLO (sandwich lease option) where you get XX down and you are cash flowing XX per month.Since there is little to no equity, a SLO is not your best bet.I personally would prefer a a CA, or assignment, depending on the actual numbers.Keep in mind, with a SLO, you are looking for a spread.Now, it sounds like you are anticipating appreciation in the next 5 years, which makes sense.You can do a SLO, and anticipate about 5% down or so.We get about 3.5%.I would assume that different areas and states the amount down can vary, as I've seen it, but we get about 3.5% down ish.Despite what you may think and hope, in many areas, trying to get 10% down only makes a house sit vacant for 6 months.If someone has 10% down, they normally want title.

Don't get side tracked by Courts of Chancery, limited states, throughout the US the court of law and equity can go hand in hand today.So, you're trying to sue for 10K bucks from losses in your contract that that you gave $10 for where the seller failed to sell, is that right Mr.

Lot of great points being made here, especially like how side tracked this thread got with the debate of caging A/C units :) @Jake Kucheck 1) I wouldn’t be surprised.

I would wait until you have a few deals under your belt and know that you want to grow your investing business before getting side tracked with the time and expense to get (and keep) your license.

We have gotten sidetracked on the laws in our own states which probably do not help you much.