Determined to avoid such mistakes in the future, I earned my real estate license to better understand the buying and selling process.

Ensure you understand local regulations regarding permits; it’s usually a good idea for your associates to form an LLC for liability protection, but individuals can do renovations as long as they pull the necessary permits.

A good mentor will help you evaluate things and identify potential hurdles before they come into play.People fail because they think it's easy without understanding what the difficulties can be.

In areas such as NYC the market tends to be a little lower, from what I understand.

As to Grant Cardone, you have to have capital to do a bigger deals... and syndications is one way you can do that (which as I understand it is the deal that Grant pitches)... combine  your money with others to do the big deal... but at the end of the day, you own $20,000 worth of a $10 million deal if you put in $20,000.  

@Michael Plaks comments in this recent post on making sure the person you hire understands real estate sounds really relevant to your situation.  

If you proceed, understand you will most likely GET LESS for your property with a tenant as opposed to vacant.Why?

From my understanding, it basically means that you need an egress window.

I'm going to have take a little time to wrap my head around it but if I'm understanding things correctly this is a very interesting opportunity.  

I've searched around and think I do understand how it works, but do you know any good resource that I can get more if not at least the accurate information on it?