@Don Konipol  Of course one of the pre requisites  for many of these guys is to claim they were broke and living in their parents garage and now look at me with this system I created  ::)  I saw it in the foreclosure rescue direct mails a lot too.. went something like this..

On the other spectrum if I was starting over and had $70K, I'd be looking for partners while at the same time getting pre-approved for a fix and flip loan from either a private money or hard money lender. 

If you want good margin,  I would look at the pre-foreclosure market. 

Hi Mo, If you narrowed down your market to a few markets and are pre-approved and ready to buy, but haven't decided on the exact market yet because you want to get a better feel for it, I would recommend starting to build your team.

Sales price: $900,000Seller finance: $400,000 / 2 year ballon / 7% interest rate / interest only monthly payment: $2,333 / no pre-payment feeEstimated monthly income: $9,300 / Annual: $111,600Electric separated - water $450 per monthProperty taxes: $16,700 (with property value assessed)Property Insurance: $6,300Renovation Repairs $150,000I anticipate the Re-fi appraisal to come in at a conservative $1,150,000. 

I start my pre-licensing course next week to obtain a real estate license.

When you start including the rental side of a POH home in your income stream you seriously risk overpaying for a home particularly if it is pre HUD, worn out and neglected. 

I never test for lead, most of my houses were built pre-1978.

And all the pre foreclosure buyers that hound those in default.

I have been pre-approved for a va loan that is just more than what her mom owes on the home.