Case Study: A Successful Joint Venture in Real Estate - An investor identifies a distressed property with high potential but lacks the funds to purchase and renovate it. - The investor partners with a private lender who provides the capital.

Study the market.

Study what has sold at a solid price and quickly.

Here’s my honest advise; consider studying for and obtaining your real estate sales license, and obtain a part time position with a real estate agency that will provide training, guidance, and oversight.  

Study the market.

Study the market.

Unless you use a local professional familiar with the market, who you trust, best way to know a good deal is to study the market.

There's other items such as this where it may be helpful to talk to a CPA/EA for a little tax planning, especially since you'll likely get caught up in the passive activity loss limitations if taking bonus on a single rental property as I often see.It's also useful to mention that even if you do the cost seg study (I'm assuming you're doing one to be talking about this), you'll still benefit from accelerated depreciation in the form of shorter useful lives on the assets where you received bonus from.

I graduated from college in May, and I am currently doing business development (sales) for a property management company while studying for my RE license.

Study the market.