Obviously the laws in different places may vary but I suspect that is how it would play out in most places. 

Obviously you'll need to make sure you get a job/W2 income for at least 2 weeks to a month to get a loan to buy but luckily that's way easier than if you're having to work with 1099's starting out because most lenders require at least 2 years of tax returns at that point to get a loan.

I then turned to mentorship, and totally changed the trajectory of my investing. 

With a $160K purchase price, $90K in renovations, and ~$2,363/month in total payments, your all-in cost will be around $295K after 9 months.

Hi Brian,You're on the right track, but to determine if you're truly generating cash flow, it's important to look beyond just your mortgage payment.Here's what to consider:Income: You're receiving $2,100 in rent, which is great.Expenses: Besides your $3,232 mortgage, you likely have other expenses like property taxes, insurance, maintenance, utilities (if you cover any), and potential vacancy costs.If your total rental income exceeds all of these combined costs, then you're generating positive cash flow.

You're totally correct regarding the more realistic goals for first-time investors.

The salesman is obviously making money or he wouldn't sell insurance as a job.  

📍 Property: 88 Innis Ave, Columbus, OH 43207💰 Bought for $1,000, Sold for $40,000📅 Total investment: $5,170.36📝 Licensing Fee: $3,000⏳ Processing time: 58 days from purchase to disbursement🔑 Key Numbers:Profit: $34,829.64ROI: 673.64%Annualized IRR: 4098%Ever wonder how land entitlements can deliver these kinds of returns?

You could also apply for a HELOC on your home to use the equity for whatever but obviously you have to make monthly payments so ideally you'd want to make sure the cash flow from a RE investment is higher than your loan payment.Another piece of unsolicited advice....

They're also expecting an official offer on the second property soon.If everything goes smoothly I'm obviously glad that my money isn't gone, but I don't think that excuses the lack of communication and inability to respond to LPs.