They are a doctor or have some other back story they think ads credibility.

Corporate downsizing even happens to doctors!  

I am interested in a mixed use property.  1 unit residential.  1 unit doctor office. 

This allowed me to get some hands-on experience, build up my credibility (showed that I can find good deals) and my confidence which, in turn, benefitted me when it came to time to raise private money.I know fund all my deals using a mix of hard money, private money and/or seller financing (seller carryback or sub-2).By the way, prior to learning about REI, I was teaching science labs and working on my doctorate degree at UH (which I happily abandoned), so no REI experience at all. :)Good luck!

@Tushar ShahConsider the following: Take a logic based approach same as you would if you want to be an doctor or engineer.

You may not like it --but if you have a " HomeVestor" franchisor in your area --ask them to look at the property and make an offer --so you know what will be a good price to ask for -they may buy it --even if you loose couple thousands- Same time --consider keeping the house --find a local doctor or attorney to come in as silent partner and let him invest cash to do rehab --then rent it out and manage for him --give him tax shelter --do a good equity sharing partnerhsip.

They wanted him to do some studies to see if people with bad credit...which other companies decline... could be accepted by them and make a profit.Sooooooo.....He worked and worked and discovered that if a person is late or has defaulted on a *medical loan* (i.e. hospital bill, legal bill, doctor's office bill) will still be a good credit risk.

I actually doctored a one page contract that another wholesaler was using.

Unless you already have multiple assets you want to protect, with a lot of equity or a business/profession (e.g. doctor) you need to separate from your real estate activities, you shouldn't concern yourself with an LLC - it will slow you down and eat your cash flow and other resources. 

@Eddie Salisbury  if the Feds enact another GOZONE for Harvey and for Irma ... you have to buy property in the affected counties however with Katrina it was a wide swath .. it extended all the way up to Jackson MS... which is where I invested.The program was open to any full time real estate professional... what you could not do though is say be a Doctor and then claim Gozone bene's  now there where a lot of shysters putting phony LLC's together .. as you know any great deal like this is going to bring the bad people out.. but upon tax examination they got their deductions disqualified plus penalties..