I generally try to avoid this  but have made an exception for a few people that get a large monthly check around the middle of the month (child support/alimony, annuity, etc) that don't feel like they can budget properly until the 1st.  

Do I save up enough money to buy an annuity to get that guaranteed income?

Jared, CFPs are usually into insurance, annuities, mutual funds, qualified retirement accounts and perhaps stock and bonds, that doesn't leave much left for real estate!

As for annuities, most 24 year olds do not need an annuity.

Say 209K sales price, rent in market = $1,000offer 210K $500 per month on installment sale (or about that)Look up imputed interest on IRS tables, charge thathttp://apps.irs.gov/app/picklist/list/federalRates...You want to sell benefits to owner maximizing her equity, creating a retirement asset she knows, Some money in Main Street, some in Wall Streetoffer her a quit claim if you do not pay her, held in escrow, with escrow instructions if you defaultThe key here for you is to get a property that is a good quality buy and hold rental, good cash flow, without a banketc.Sales Tip:Compare to Annuity http://www.investopedia.com/university/annuities/Reverse Mortgage http://www.investopedia.com/search/default.aspx?

B of the article states:"...any plan described in Section 4975(e)(1) of the Code, including individual retirement accounts and Keogh plans; and"Here is what 4975(e)(1) states:(e)Definitions(1)PlanFor purposes of this section, the term “plan” means—(A)a trust described in section 401(a) which forms a part of a plan, or a plan described in section 403(a), which trust or plan is exempt from tax under section 501(a),(B)an individual retirement account described in section 408(a),(C)an individual retirement annuity described in section 408(b),(D)an Archer MSA described in section 220(d),(E)a health savings account described in section 223(d),(F)a Coverdell education savings account described in section 530, or(G)a trust, plan, account, or annuity which, at any time, has been determined by the Secretary to be described in any preceding subparagraph of this paragraph.I am sure there is far more to it than my trivial analysis, but it would be good for everyone to learn if someone could connect the legal dots here.  

I'm thinking if I should just get an annuity or something from vanguard.Right now I'm focused on building my real estate business, but I want to have some side investments set so when I'm ready I can start investing

Eh, it's a mindset thing @Dave DeMarinisFrom a lending perspective 100% CLTV is obviously horrible, but this is more annuity than loan.

Only highly marketable assets, stocks, bonds, annuities, etc that can be readily turned to cash, like in three days.....yes, an accounting definition is less than a year, but not in these cases.I doubt fannie would accept scrap gold, even with an appraisal as the appraisal could be questioned IMO.

I believe the heirs have diffferent rights in paying off the RM.The whole ploy is giving an annuity income for the property and hoping the owner dies, pay out less and profit.