I am reading the ABCs of Real Estate Investing and there are three or four chapters that talk in depth about how critical it is to form relationships like those your mentioned above.

And you need leads.There is no arguing this.You need to get a website, and work on your credibility.

I'm not arguing that. 

I read the reversal time was 60 days but other posts here argue you can do it forever.

If I have my ABCs right, I'd say a C property in a B neighborhood?

@Anthony Zotto The ABC's of Real Estate Investing by Ken McElroy

I'd argue you should absolutely vet the sponsor and the deal.

For your first property, I’d argue keeping it out of an LLC is best.

This brings me to my second question and first tip.Tip#1: While no one can argue that books are a great resource, if you're like me and are diligently managing you budget, the internet has more information than you will ever be able absorb, extort it for everything it's worth.

Some decades are colder some decades are warmer, and I can tell you who doesn’t have the answer- abc news.