The penalty plus the security deposit (and additional repairs) was far from covering my expenses, but one thing I can tell you- this is a peace of mind having non carpet flooring.   

I mean if you get it, it will allow you to retain your investors.As an alternative, you can take the route others suggested:1) Fund  of funds2) Partner with others on GP side in an investors' management roleKeep in mind, that both options would require you to have a full understanding of the role and the regulations involved. 

I'm glad I can be in an environment with determined, like-minded people.

Keep in mind, if there is enough depreciation (IRA can't take the bonus depreciation, need to use standard depreciation schedule), that depreciation might negate any positive income.

Hey Patrick, Please keep in mind that land itself isn't depreciable.

You also need an online presence—this is commonly one of the most important and not done step.

As far as legal advice, anyone in their right mind will tell you to hire an attorney. 

#2)  20% on winning bid blows my mind.  

If your tax situation isn’t too complicated, you could try handling it yourself using good software, but if you want peace of mind, a CPA could be worth the investment.Since your parents have experience, you might lean on their advice while you learn the ropes.

Not only that seconds the interest rates need to be above 20% apr in my mind to take on the risk..