My wife and I moved from Montana to Northern Kentucky 10 years ago, though I'm originally from North Central, Ohio.It was around that time that I read the books 4-Hour Work Week and Rich Dad Poor Dad, which both lit a fire in me to better understand this idea of passive income to reach financial freedom for myself and retirement for my father.I've spent this past year immersing myself in dozens of books, listening to hundreds of hours of podcasts, networking with realtors, and studying as much as I can about this industry.

It will take some studying the area and initial travel.   

I recently discovered from the Bigger Pockets Podcast that I can use those funds for real estate through a self directing IRA account.

Congratulations on discovering real estate!

As of right now we have approximately $10k in savings (Currently in a Discover savings account at 1.6% rate) and no 401k or IRA.

Now I find myself thinking all that work and studying, now where do I start?

In potential sub markets List currently at 12 closer studies to narrow top 3Only interested in properties with a 6-8% Cap Rate with value add opportunity to increase NOI.Rents need to be below market with room for increases.

Once you have done that you should go deep on studying that subject, building relationships with active investors in that space and ultimately look to get your first deal done.

Don't be afraid to shop around to different banks to discover what loan products are out there.

. - what will you do, if one year after you sold your flip, you are getting sued by the buyer because of some defect or issue, real or imagined, known to you or created by a sub/contractor, or fraud (like, because you made the mistake to advertise your flip for sale with "everything new" and the buyer discovered you didn't change the entire plumbing) and the judge freezes all your bank accounts till things get sorted out?