Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal level Learn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are needed Know everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

Your primary home doesn't produce cash flow and is a pure expense.

 @Jessica Frisk I would not be keen on the 15-yr fixed rate mortgage if that makes you cash flow negative.

If you have the cash to purchase and close, then you will not need to use assignments.

In some cases, non-cash expenses, like depreciation, can be added back.

The verbiage on the contract, concealing your NET, being able to truly purchase with cash..... but most importantly, I am a firm believer that more legislation will come in (Oklahoma, Illinois, NJ) are examples - and assignments will one day be banned, especially for those non-licensed. 

Simple answer - yes you can alter your funding source after putting it under agreement if you chose to use a hard money lender instead - i would just communicate with seller that hey I was going to use cash (assuming you have it from your heloc) and instead will finance some of it but let them know its not contingent on financing.

If insurance double or triples or worse, some RE cash flow will vanish.  

Basically, what these guys did to some of our Real Wealth Network members allegedly is:- GEG showed RWN some of the properties they had renovated and leased out to prove their business model- They told our members via a webinar that they buy, renovate and sell rental properties below market value to investors with 8% cash flow- They said they offer non-recourse financing at 50% LTVIn reality, GEG sold properties that were not always renovated - even if the price point reflected a renovation.

Just speaking from a cash flow management/account structure perspective.As for someone being in the real estate accounting industry for over 2 decades, I can say that State Law compliance is big on this.