Quote from @Allen Berrebbi: Quote from @Dominic Mazzarella: I have personally owned and managed a multifamily property in Illinois and after selling it I said I would never invest in that state again.

Average person can't visualize how to fix it, but you can (create an extra bedroom for example)3.

I think they contain solid information and will help lay a good foundation as a beginner (Haha, I'm completely new to real estate as well, btw)I'm also going to be reading the following books, and hopefully I can finish all by the end of this month:1) The ABCs of Property Management2) The Advanced Guide to Real Estate Investing3) Long-Distance Real Estate Investing How to Buy, Rehab, and Manage Out-of-State Rental Properties (this might be the most important one to me personally)4) The Book on Investing in Real Estate with No (and Low) Money DownIn addition to reading, I'm consuming crazy amounts of youtube videos, and I'recommend you do this as well.

What I personally do is I will hire a local Civil engineer who has done subdivisions in the jurisdiction and I will pay them up front for a detailed feasibility study.

The person they consider having the deep pockets. 

Additionally, an LLC can make it easier to separate personal and business finances, simplifying tax filings.Quick Tip: Work with a tax advisor to determine whether an LLC is the right structure for your investments.4.

For example is a personal loan from a bank is 7.5 % that you could use as a down payment (after its seasoned), and your 401k loan is 4.5% but the 401k is expected to return 7.5% per year the money you save on one end you miss out on the other end basically and if your 401k returns are 20%, then you lose out significantly. 2.

I know Walter personally.. he knows a lot about real estate from many angels..

Do you have other collateral, such as another income property or your personal residence (last resort) your seller could record their lien against? 

You must have your personal finances in order before you invest.