@Sven ZimmermannTo prepare for investing, define your investment strategy, research your market, understand financing options, network with experienced investors, and take next steps.

Regardless of direction you go, the allowances in your contract should be clear and quantities and material specs should be clearly defined.

He said that:" licensees are not allowed to pay consideration for referrals, defined as anything of value, to someone who is not a real estate licensee.

Here are a few definitions that you absolutely must know.Bookmark this thread and use it as your cheat sheet for 2024.Okay, let’s dive in:Here are the terms that I’ll define in this thread:-DEPRECIATION-BONUS DEPRECIATION-COST SEGREGATION -BASIS-LAND VALUE-IMPROVEMENT VALUE-3115-RECAPTUREDEPRECIATION:Depreciation is the decrease in $$ value of your asset over time due to wear & tear, etc.Standard depreciation is deducted evenly over 27.5 years for residential and 39 years for commercial.Even w/o cost segregation you get to deduct depreciation each year.BONUS DEPRECIATION:This is an accelerated depreciation method.

There is no good investments, or bad investments.You as an investor need to decide what investing strategy works for you, define your criteria, understand if your criteria is possible in the market you are looking in, understand the risks/rewards of your critera, and then execute the purchase.While some agents are heavily knowledgeable about investments, most have zero clue.

You must clearly define roles and responsibilities while addressing all the what-if scenarios.

Throw in a dose of imposter syndrome and fatalism and you have a recipe for some mood swings right before a property is booked again.From a practical point, I would recommend great photos, a clearly defined target to whom you are advertising and understanding the best pricing of an area really well to ake sure you get booked in a timely fashion.From a more meta perspective, be aware that these listings don't typically get booked well in advance (families displaced by flood or fire, traveling nurses who need a new contract ASAP, and construction projects that realize they need a speciality engineer on-site RIGHT NOW don't book ahead). 

Welcome @Rebecca Morris,These are the 10 first steps I would recommend to get started in REI (real estate investing):1) Educate Yourself: Read books, take online courses, and attend seminars about real estate basics, market trends, and investment strategies.2) Set Clear Goals: Define what you want to achieve in real estate—whether it’s buying a home, investing in rental properties, or flipping houses.3) Choose Your Niche: Decide if you want to focus on residential, commercial, or industrial real estate, or perhaps a mix of these.4) Research the Market: Analyze your local real estate market.

If you’re 50 or older a defined benefit plan can allow you to contribute $250,000 + per year tax deferred.  

Additionally, I’ve deepened my understanding of real estate terminology and gained valuable insights into the critical aspects of properties, from structural components to factors to look out for.