Building passive income while learning the RE ropes and earning a fat paycheck as an EE is an awesome plan for financial success.    

I am planning to just have a very basic plan just incase we got hit by a bus...And a big fat bank account will help with your confidence.

We're seeing pricing vary drastically even just going 20 miles south of the city just because everyone is so "fat and happy" with work.

So that means that if it comes back 10K less than agreed on price or FHA says fix the roof, the seller is in a bind.

Could one leverage credit as a way to help or would that just put you in another bind of its own?  

I'm thinking I can later cash-out refinance into a loan (possibly a VA loan) to finance another deal and wrap the new mortgage so as to keep the installment payments in place and avoid hitting my retiring family member with a big fat tax bill. 

The auction was non binding and the sellers did not accept.  

When I questioned this I was told that they didn't do contracts and that was their binding agreement to do the job. 

And it's fair, it's a very minute thing and a complete fat tails scenario.

My hope is that all the soccer moms (and dads) go out of business and I can get their 6 deals a year too.For everyone that goes out of business someone replaces them.. its takes a big fat economic recession to winnow the licensed agent pool.