Originally posted by @Laura Moretti:Of course I will continue to educate myself and grow but I'm ready to start taking action otherwise I won't learn.  

@Laura McKinney welcome to BiggerPockets!

@Laura Richards Thanks for the comment!

@Christopher Dorsey @Jim Keegan @Laura BaragiolaYou can record a Memorandum of Lease Option (Not the Lease Option itself, just a Memorandum) so if the Seller stops paying their mortgage and it goes to Notice of Default, the attorney will pull a Title Report and see your Memorandum and notify you.

@Laura MezoffYour presumption #1 is correct. 

@Laura Engel A Builders Risk and a Vacant policy are 2 different policies. 

I didn't read this to ensure its accuracy but it certainly looks to be from a credible source. https://www.irs.gov/pub/irs-utl/33-Real%20Estate%2...Cliff Notes:Real Estate Professional Qualification • Material participation in each specific rental • Material participation in separate Real Property Trade or business • 50% rule • 750 hours rule • 5% ownership ruleReal Estate Trade or Business Defined IRC Sec. 469(c)(7)(C) Any Real Property: • Development or redevelopment; • Construction or reconstruction; • Acquisition and/or conversion; • Rental Activity that is not a Passive Activity; • Property management; • Brokerage activities.Example 1: Laura owns 5% or more of a real estate sales office • Works full time as a broker • She owns 3 rental properties and: • She finds the tenants; • Approves tenants and leases; • Approves and oversees repairs & improvements • Net rental losses are $31,000 and her modified AGI is $160,000 before the losses • Deduct the full $31,000 in the current tax yearExample 2: John acquires old homes and contracts 3rd parties to renovate and ready for resale.

@Laura greany"Is Tampa too over-valued"No.

There are contracts in the File section, but as @Laura Alamery suggested, you should probably network with successful wholesalers in your area to get help in a JV deal - You find the deal, they provide the buyer(s).

Laura, thank you for the response.