I walked away from my first equity purchase deal that had an IRS Lien and missed an extra $10k profit ($30k in today's dollars) because I was afraid to tackle it.

Work on progressively larger and larger renovations and tackle some serious structural work before you jump into new construction.

I just bought all these for $31.29 E-Myth Mastery : The Seven Essential Disciplines for Building a World-Class Company  Trump : The Art of the Deal  Trump: the Way to the Top : The Best Business Advice I Ever Received  Freakonomics The 4-Hour Workweek  The Millionaire Real Estate Agent The E-Myth Revisited : Why Most Small Businesses Don't Work and What to Do about It  Think and Grow Rich  The Seven Habits of Highly Effective People  Shift : How Top Real Estate Agents Tackle Tough Times

I plan to tackle this sometime over the next 3-6 months when my repair budget will have enough to cover a decent portion of it.

Then with profits look to possibly buy notes, liens, or something else - I'll tackle that when ready.Currently 2/3 Bedroom homes in my area are selling on MLS for 200-350,000.

But its just some food for thought for you.I suggest definitely having a plan together before you tackle your first property.

I want to experience new things and tackle new problems everyday.

Looking for ideas on how to handle the chronic slow payer.  I'm thinking someone out there has some good ideas?  Yes the lease covers late fees.  No they don't pay the late fees,  but do pay the rent.  I'm thinking a ...

There's no way that helps the seller who is very very nervous and anxious about selling their house and getting enough money so they can not have to pull money out of their IRA or 401(k) to sell their house.I look for no equity deals from agents that are frustrated.My favorite leads are "expired leads" where the property most the time was not priced properly, so the listing died.And a lot of these houses that are not priced properly,  very little equity, and the seller is trying to make enough money so they can sell and move, and not deplete their savings.There's three strategies that can be used with low equitySubject to existing financingWraparound mortgageLease option then assignSub2 and the wrap have a due on sale issue, but the DOS can be managed.Lease option and assign, with 12 month leases that can be extended, is a great way to assist a "no equity seller" and get you a 3% commission UP FRONT in 60 - 70 days.Having a CASH OR TERMS listing presentation is helpful.Read Chapt 10 Creative Financing of http://www.amazon.com/Shift-Estate-Agents-Tackle-T...If you have a fidiciary duty to serve your seller as a listing agent, then present these solutions.And make money where other agents ignore these sellers.

Thanks - I really can't tackle this one on my own and appreciate your help