Prioritize your financial stability.

While we here on BiggerPockets certainly have financial goals in mind, local populations all over the world have an opposite and opposing one. 

Sellers rarely mind the low deposit and extended closing period due to the nature of the property, or at least they can be made aware of the fact that their lot has issues that will take MY time and MY money to solve and then they come around.My terms on the flip are: Minimum 10K spread between purchase and flip value.  1-2K deposit upfront to hold the property for 7 days then the deposit becomes non-refundable after the 7th day and the buyer has the same amount of time that I originally negotiated with seller typically 8-12 months(its a purchase contract but because of contingencies its essentially an option).  

Legal consequences and potential financial loss that could have been avoided with timely updates.2.

Originally from Africa, I’ve embraced new opportunities to build a better future, and real estate is at the core of my financial freedom plan. 

There will be moments when challenges feel insurmountable—deals that fall apart, difficult contractors, financial struggles—but the only way to succeed is to persevere.

@Caryn FischerI agree with Jaron, you should definitely have a consultation with your tax accountant and/or financial planner before you do anything. 

Improve your credit and financials so lenders are willing to take a chance on you.

By the time I retire, I want to have enough rental properties to have financial independence to enjoy my hobbies and enjoy spending time with my family and watch my children grow up.

If you are using it to buy a turnkey property which needs to produce cash flow to be considered a viable deal how does buying turnkey(Little to no cash flow) combined with HML(High interest only debt) make alot of sense financially?