I recommend you explore areas within 30 min drive from your locale and explore if you can make positive csh-flow purchases in your area.Use redfin.com and homeseekers.com to see what is available in the desirable zipcodes.Analysis are simple: rule of the thumb is at GRM (Gross Rent Multiplier) this is a fancy term for a just a quick simplistic evaluation were property price is divided by gross yearly rent.Usually, 6-7 will produce positive cash-flow, 8-9 break-even, 10 or more is negative cash flow.There are other calculations, but this one is quick and dirty.I can tell you that you will find out that property located in not s good areas (mine are in South LA) will be more profitable, but you have to explore your market ..

I'm thinking about testing the market on my own at first, the home has some attractive features and is located in a desirable neighborhood.

If you have a thirst for knowledge, have a strong desire, good work ethic, and know that you will and should always be learning, you will make it.Oh, btw, I hold a masters degree.

Due to our rapidly approaching move-out date, we are going to keep the house on the market for 1 month, if it does not sell for our desired price, we are going to rent it out.

If so, then it all depends on what yield you desire.

From what I see and hear, the particularly great deals in the desirable areas like pac heights, marina, mission get snatched up by savvy contractors with all cash bids before it has a chance to hit MLS.

The buyer experienced the death of a dear friend, which has the sale put into a lesser priority, it has been a while though...While working on the house, the ever recurring question of fixing and selling homes was brought up again, this has always been a desire of mine to get into, but never knew where to start.

You need to look at houses in the area you want to work, and don't make it too big,,start with a zip code, learn everything you can about houses that have recently sold, check out every house on the market, find out what they later sold for.Know about the schools, does on street go to one high school, but one over goes to a different one, which one is more desirable (big deal in the area I buy).You don't get to know a market overnight,,it takes time, but until you start you won't ever know the market.Look at houses,,,lots and lot of houses,,talk to realtors, talk to investors,,you don't have to get an appointment to see the inside of all of them,,just check them out as best you can (an agent won't really appreciate taking you to 30 houses every weekend,,,

It's a very desirable neighborhood w/ good schools, hence the high taxes.

While shutters, or impact Windows, may be more desirable, they are Not required on a rehab, only on new construction.