Many people buy with the wild eyed allure of owning a beach property and being able to use it themselves and get some rental income. 

We are nowhere near a workout of residential foreclosures.Nationally banks have 300,000 residential reo's with another 700,000 bank owned but not yet listed for sale.About another 1,500,000 to 2,000,000 residential properties in pre-foreclosure that are short sales or are just 30 days behind all the way to having failed trial loan mods.Most of these properties will be foreclosed as they work through the system or failed loan mod to BK to eventually foreclosure.So in my opinion we are about 3 years away to work through most of the residential stuff.You have to remember that distress is not evenly spread out across the U.S.There are markets that have continued to go up and have zero to little foreclosures.Then you have the speculative markets that are first to rise and first to fall with wild swings in fluctuation.Then you have market that dip and recover but the decline is not as severe and is spread out over time.Whether you wait could depend on your strategy to buy properties.If you are long term buy and hold properties might dip a little before hitting bottom but that gain might be offset by higher future interest rates.If you are paying all cash then waiting and having the interest rate climb by 200 basis points but buying for 50k less might be a winning combo.You have to really explain your game plan more.Investing is not a one size fits all approach.

Members at BiggerPockets believe in openly sharing advice and information without a hidden agenda." 2) Your Past Failures or Successes Don't Determine Your Future "You may have failed in the past or been wildly successful - but the only thing that matters as you move forward is your next action.

There are a lot of aspects of business that aren't fair but regulation keeps the playing field leveler than if businesses were able to run wild with no oversight.

To those commenting from out of state, believe it or not many areas of Texas are still the wild Wild West and the answer would be no as there is no permitting authority. 

Keeping in mind that I'm not a lawyer or legal professional and my advice should not be construed as legal advice of any kind:Whether you choose insurance, LLC, (or preferably both) as your asset protection strategy, I'm a firm believer in using a professional (i.e lawyer, insurance broker/agent, etc.) to help setup.Yes there's a cost (and as you've seen it varies wildly) - the cheapest is often not the best, but by no means is the most expensive great either; get a few quotes, see who you feel comfortable with and pull the trigger appropriately.My point is - you're putting in alot of effort, AND, alot of money (i.e your RE asset!)

However, your rate would likely be the market rate which could fluctuate wildly over the next few months.

Funny how wild this journey has been, I went from graduating college as a Musical Theatre Major to now being a Partner in a Real Estate Investing Company, and boy am I loving every moment.

Seems like there is only two directions they can go -- blast off and become wildly successful, or on the other hand, crash and burn into oblivion.

That's wild to imagine having 100 properties at one time but that's the goal!