I found it REALLY interesting reading the blog of another BP member, http://investfourmore.wordpress.com/ * with 5 properties, you can hypothetically pay off 1 of them in about 3 years time (all properties around $110k and 25% down)!

He's done a few blog posts on BP pertaining to vacation rentals and he has a site, I've not checked it out yet.

In addition to the forums, check out the blog, podcasts and other resources offered and you will be well on your way in no time.

Keep the option fee to 3% or so.I wrote an article a while ago about how a Contract for Option to Purchase works, you may choose to consider that in NC.http://www.biggerpockets.com/blogs/3/blog_posts/26565-a-contract-for-option-is-better-than-a-lease-option

As for finding good locations to invest,(which would make a great blog post, so maybe I'll work on that!)

There is also a recent member blog about tenant screening Tenant ScreeningManaging a property isn't hard once you have a good tenant in Place.

I'm not in Wisconsin but here's some info on the subject in case it helps:http://petriestocking.com/blog/2009/06/06/late-fees-part-1-what-amount-can-you-charge/

Just found this blog post on the topic.

I've been reading material (mostly BP blog posts and forum entries at this point) and I'm very excited about the possibilities of investing in real estate.I currently work as a technical consultant in Raleigh.

As you already know, we're here to help, so don't hesitate to get active in the forums and blogs here on the site.