first i'd say focus. pick one thing and learn it. either fix and flip or foreclosures, whichever one, pick that technique, get comfortable with it, then move to the next deal.

You can't, the IRS requires recapture of the actual depreciation taken or the minimum depreciation you should have taken, whichever is higher.

Conditionally Refundable Option Consideration Monies is the way to go, especially with the Attorney General in many States going after "Equity Skimmers" and the like.And, the exercise price can be tied to a formula, such as an either-or: [i]The purchase price shall be EITHER the average of 2 certified appraisals who must be a member in good standing of the American Society of Appraisers OR $xxx.xxxx, which ever is higher.

You need to make sure that your exit strategy is TIGHT.I would personally get money from the buyer of my contract and let it be held by the Title company or attorney which ever your states uses.

Just checking.I'm treating this as a project, and yes, I'll definitely learn a lot from it, which ever way it turns out in the end.

Whichever companies survive should merge and get “lean and mean†but I’m sure the UAW would never allow that.

You notice you are always running in a video game to get to the next objective (You never walk in Halo to shoot the next person)...Same goes for which ever real estate venture you follow.

One that comes to mind is offering to buy it now with seller financing and a clause that only transfers title upon his death, or when you make your last payment, whichever comes first.

We then follow up with whichever person, department or company failed to get a perfect score on how we can improve.When we fail to get a perfect score from a resident, we have been known to have our team drop everything and send our team over to the property to personally meet with the resident, bring flowers or cookies and address their concerns. 

Whichever direction you go, it sounds like you have the capital and skillset to get yourself set up pretty nicely.Best of luck!