So, you might get away with it, then again, you might not if it catches up with you......sleep well!

To add to what Karen correctly mentions, there are many new Federal laws, including those created by the Dodd Frank and S.A.F.E.You will not sleep at night once you begin to realize all the pitfalls, rules, and regulations.

What you need is an area that is growing, that has a stable economic base and that has sufficient inventory for what you want to do.

Scott probably is, as it's my understanding that he was a teacher, has his Masters and has sufficient RE experience.

Say it was a 2 bed unit and a family of 4 wanted to move in with 1 boy and 1 girl child, you cannot say no based upon the kids having to share a room, again that is under the familial status umbrella and up to the parents how they will deal with the sleeping arrangements.

I am a Nurse Anesthetist by trade and that consists of putting people to sleep for surgery.

*i could just wait and find out on the day of but im literally loosing sleep every night and this is something ive been wanting for so long and ive just been misserable that my RE employment process is being delayed for such a while for such a petty ordeal, In advance thank you for whoever responds , all your responds are greatly appreciated [b][u]MUCH SUCCESS and GOOD LUCK!

And with for every minute of the day, with every step you take, bite you eat, place you sit, stand, work, play, shop or sleep you are paying for your real estate or someone else's.

So you've just got to capture some equity on the front end, at lease 15%+, by buying from motivated sellers, buying distressed properties and rehabbing, etc.However, the guy with 4 houses owned in cash can also probably easily manage them, saving PM fees, whereas the guy with 4x to 5x as many leveraged houses either needs a PM (and will pay them 12-16%, including leasing fees) or will spend many many hours of their life dealing with all the houses.It's also a lot easier to find 4 great below-market deals than 16+.I also like the comment someone made that if they had sufficient capital to buy a portfolio of SFRs outright, they'd probably just be a private lender and capture double-digit returns on a much more time-leveraged basis with less risk and more stability in the income.

If I knew it was going to happen, I'd "retire" early -- I'd liquidate everything, move my family to another country where people are less focused on material things and are more self-sufficient and I'd start on my long list of books that I've been meaning to get to.