Both careers would see a sharp short term income loss, but once i'm established the money i'll make ought to be comprable to my next year income.

The kindness and humor of the responses is comforting in a field where there is very little down time (currently as I get it established) and you all "get it".

As a new real estate investor you have to establish some business goals, if you want to treat it as a business and not a hobby.  

(Only if you are SERIOUS about real estate as your wealth/career vehicle.)Make sure you join a brokerage that is large, established, and has a reputation for top performance and excellent training.Once you learn the basics and get out into the field to see the state of the market, you'll learn the price points and be able to know a good/great deal when you stumble across it.I have made some of my best (most lucrative) buys from meeting with a seller who wants to list, and when we discussed the price, I knew it fit my parameters, so I bought it! 

The risk in lifting these houses is there's not a clearly established market for flood damaged homes that have been elevated.

However, it's essential to fully comprehend the terms and conditions and carefully estimate cash flow, factoring in potential market fluctuations.FHA Loan and Work History:Waiting for another year to establish a two-year work history for better FHA loan approval terms is a patient strategy.

Also father/son dynamics at an age where the son is trying to establish his independence is trying on both of us.I did not push son in direction of RE, he considered various options and chose RE. 

After 45 years investing across many asset classes, many investment types, and everything from lowest risk to outright gambles, I think I finally know the answer.The biggest divide is between investments in which operational control over that investment is with the investor, and investments in which control rests with another party.  

Now it’s probably the Midwest,But my the time you get to the Midwest and establish a footprint and “street credibility” with the brokers and sellers another market may be strong.If you are going to invest out of area, you will need to spend “face to face” “boots on the ground time” there.

We need to establish a contract (or shop around for reputable companies that are willing to do this).