@Evan Tan, I do believe gambling winnings are taxable and paying income tax on it would give you documentable income which you need to get financing. https://www.irs.gov/taxtopics/tc419

In the mean time though, I've been immersing all of my free-time in real estate information like the BP podcasts, books, forums, networking events, etc. and looking at deals in the market so I won't necessarily be a complete novice.

I'm semi fluent in spanish now, and have been practicing an hour or so a day 365 days a year, for 3 years so I'm anxious to immerse myself in a spanish speaking culture (I'm half deaf so it hasn't been easy!). 

I just learned about the 70% rule and debt-to-income and some other rules of thumb.All in all, what i'm trying to ask is, are there any important terms and/or concepts that I should really get to know before fully immersing myself into wholesaling?

Gamble and play the odds in Vegas, but not in business.

We got lucky (ugly house in the perfect neighborhood) and took a big gamble on a courthouse steps auction. 

Insurance is a lot like gambling: the house always wins.They entice you to pay extra by promising to cover the full cost, minus deductible.

**************/mvc/auction/810929So buying it is a gamble that the owner never pays it off and you could foreclosure on the house.However if owner pays it off then you would loose everything over the $85 you pay?

However, if he is giving you a discounted fee for his labor and is willing to gamble on a percentage of the "profit" instead then that would be okay - but you may have to dig in your pocket to pay that percentage at the back end. 

I thought I knew something about real estate, but it took a minute to really grasp cap rates and certain asset management concepts.In my experience, immersion is the best way to learn.