Most of the time they are quite knowledgable.

The real property investment can be repositioned if it proves disappointing in its original form; it can be refinanced or recapitalized if it has too much or too e pensive debt; inflation over time bales out many bad purchases, and finally the investors knowledge, experience and abilities can be leveraged to turn around a cash flow negative property.I’ll provide an exampleThree years ago we purchased a note from a bank secured by two auto repair facilities with a large amount of excess land.  

You really have no idea how helpful all these little tidbits of knowledge are.

That will get you from zero to about 80% knowledge level.1.  

I have knowledge of those states.

I'm still in reconnaissance mode... so need to collect as much information and knowledge as possible before deciding what to do.  20-80 is more of a rule of thumb and not a "magical" ratio.

Engaging with seasoned investors and participating in discussions will expand your knowledge quickly.

Thank you so much for sharing your thoughts, experience, expectations and thorough knowledge about locations.

I see it more a knowledge and exposure thing, reality vs perception.

Even if I use an attorney, I should still be armed with as much knowledge as possible.