Excited to join the BiggerPockets community as a newbie eager to dive into the world of real estate investing!

I'm not saying that your plan can't work, I'm just pointing out that these types of extremely cheap properties usually come with TONS of unique management and sales challenges that don't occur with more run-of-the-mill properties, so you'll want to study up on those issues and have a game plan before proceeding...regardless of what you decide to do, it may be a good idea to consider how you could leverage this deal as a springboard to get you to other, higher-grade properties......the good news is that you're only $5k into this thing, so you're not in too deep...yet...Good luck out there!

While I don't disagree with you, I'd probably add you should probably not go this route without a seriously experienced mentor/partner ... this really is the deep end of the REI pool, in fact it could be argued it is really more finance than REI, but you also need to know RE as well as finance to succeed.

Also, since there is a huge gap in the industry in teaching people how to understand development and the different options we've launched an education arm to help bridge that gap so it's not just the "big guys" with deep pockets that can be a developer.

Looking forward to diving into the rest of the content here.

Greetings, BP Team.I am putting the puzzle pieces together in order to get ready for my first project, and ask that Houston-area investors reach out to me with the names of trusted contractors.Specifically, I am in need of a general contractor that:1. provides estimates of rehab works that come reasonably close to actuals (firm bids would be a plus),2. is able and willing to do cosmetic work as well as studs-deep rehabs,3. has a dependable crew(s) and is known to hit targeted completion dates,4. is knowledgeable of Houston / Harris County permitting and inspection requirements.As this will be the first of a long line of profitable projects, I really appreciate your referrals and any other recommendations that you could lend me.Thanks in advance!

I would disagree with just hiring someone hourly but that is certainly a choice; at $150/hr you will not be getting experienced advisors that can do higher level deep work and real planning.  

Wow Michael, that is a very deep statement.

This strategy provides flexibility and can be used to control a property with minimal upfront costs.Before diving into any specific strategy, it's crucial to thoroughly research and understand the local market, regulations, and potential risks associated with each approach.

i used to read micro-film long long time ago to read very old books / archives and verify birth/death record in library ; I thought it was similar process.so these are the area where AI and LLM could really go deep down and checking for mistake.so now I thought if there're 5 title company in one jurisdiction then every title co. can syncup with the database from the deed recorder office then.