Sadly, my uncle had some psychological issues and at the time of his passing in October 2014, he had allowed the house to deteriorate to the point where it didn't even have working restrooms, the roof was missing in places, about 70 dead mice were found throughout the property dying after eating electrical parts from knob and tube wiring, the entire basement had over a foot of standing water and we found several nests of black widows. 

A while back, in the summer, we sold our old family soybean farm near Charlotte, NC and now have a nest egg of money to invest.I have been watching a lot of investment videos online, which in turn suggested books for me to purchase such as, "Rich Dad Poor Dad" - "The Millionaire Next Door" - "The Millionaire Mind" - "Real Estate Riches" - "The Millionaire Real Estate Investor". 

Honestly if I was to purchase the place I would save a years rent just for these situations and have a nest egg.

While a good investment should pay for itself (either in tenants paying down a note or in sale profits) it can still be a big psychological hurdle for many people.A lot of new investors get their feet wet in wholesaling or turnkey and then incorporate other REI niches as they accumulate capital, leave their jobs, have kids leave the nest, or just have more time and energy for whatever reason.

In the first phase we earn money and build up a nest egg. 

I just checked out the new Nest thermostat from lowes.

Realistic Sellers.Guts-Money-Buyers (will all come with a realistic seller letting their property go at the right price)I'm a newbie looking for my first deal, but i have started to send out probably 20 Yellow Letters a day. 1000 generic flyers a month, and i drive properties constantly.I have great credit, and family friends who said they might get involved with the right property for money support, but nothing for certain.My goal is to rehab propeties and build up a nice nest egg, eventually moving to buy and hold, than moving on to 1031 and commercial properties.

And, for the many people who don't actually save any money, a paid-off house later in life becomes their only nest egg.

Tyler,After reading your last post stating that you are retired and on a fixed income, I would encourage you to be extremely cautious.This money sounds like it is your primary retirement nest egg.Whenever I meet with someone in your situation, I always tell them that it is far better to say: "I missed that one as opposed to I am really sorry that I bought this nightmare."

A rule of thumb is that you should take out 4-5% per year of your nest egg if you want to live off it indefinitely.