A lot of reading, a good team, and a whole lot of extra money for all the bumps that you will encounter, they will be very costly, be ready for that, this might be the most expensive lesson that you will ever take.

So I would say it all depends on what you know of yourself... your willingness to put in the work, even if that means 16 hour days... and are you easy to quit and give up when things get hard or at your first encountered setback?

Some stuff, like interior floors and paint, don't counts towards the federal limits.Anyone else encounter this sort of situation?  

After hours of podcast,  I decided that if I want to be serious about creating financial wealth through RE I have to learn to tell people that its part of what I do.So today I begin talking to someone at work and inserted to "I'm looking to get into Real Estate" as part of the conversation and come to know he has invested in a 5 unit apartment across the street for Central Park and put down 60%, in my mind all i thought was "WHOA I have found a potential mentor"All this to say is that you have to tell people what you are up to, tell that you are are a real estate investor, tell them that you will become a multimillionaire, or not you'll never take a chance on encountering the right people.

., if you are sued for any reason, they cannot come after your personal assets. and lets face it, people are sue happy these days. protect yourself and what you have. second, always borrow money to move ahead in this business. using other peoples money risks none of your money and gives you stronger motivation to work thru the problems you will ultimately encounter. the trouble for you is that the business card will come only wen you can show 2 years worth of tax records on that business. if you form the LLC now, you won't have that 2 years of tax returns to show for.......... two years. you may have to get a card based on your personal information. if you need to, start slow and low, but get started. you will be amazed at what you can do with the little you can start with. good luck

The test should be geared toward what the RE agent will encounter in the day-2-day activities.

. :)@Gilbert Dominguez,@Matthew Paul,@Tim Hackett,@Greg Szymbor that was what I was leaning toward and wanted to find if others encountered this.

You will probably get a better price for the house if they come put a sticker on the door but it could be more red tape to get the property livable again that you otherwise might not have to deal with.

Hey all Bigger Pockets Fans,I have an interesting situtation in which I'm seeking advice from anyone who may have encountered the same.

I also saw the yearly operating cost (yellow sticker that comes with appliances and water heaters) of water heaters and the gas is about $300 a month less to operate.