:) My initial thought was that the market has slowed down in terms of finding great "deals", but it's heated it up in terms of it being a seller's market....I figured if I got licensed I could make money that way and put it aside to build a nest egg for when the market corrects...now I have to admit I'm pretty excited about everything I have learned and am looking at seeing what else I can make happen with it.

As you suggest, though, there is some hesitation in pulling the trigger given the exposure it demands of our "nest egg."  

Not sure how your part of the country is but another thing to keep in mind is termites and other insects nesting under there.

Create an Escrow Account in your Chart of Accounts as an Other Current Liability Account and also make a sub account in your bank account called Escrow Repairs, and you will have a nice nest egg for those repairs.  

No matter what you want to do you'll need some nest-egg to start with so getting the 2nd job (or 1st job) is really the place to start.  

I suggest networking and saving up your nest egg before throwing money into a deal.

Use the cash flow to build a nice nest egg to rinse and repeat down the road to another property.

Or you will be walking into a hornets nest. 

If you learn the business of rehabbing (know how to evaluate rehab budgets and ARV's correctly and accurately), and youblearn your market and find a niche within it, then you are now empowered with a skill set to increase that nest egg safely.Identify some target properties, make offers and getbthe, under contract.

We've saved up a sizable nest egg and are prepared to live in our next home (although we haven't purchased this yet).