It also folds down pretty small, so it doesn't take up a lot of room in the garage. 

Potential for cash flow on a nearly turnkey property and the ability to bring another investor into the fold to finally get their toes wet with REI!

Not a fun experience to say the least so the take away here is 2 fold, avoid long distance rehabs and make sure you buy right in good areas.I did several other rehab projects out of state that were rentals which I wanted to sell so I could use the capital in my own backyard.

While that isn't bad, with only 100 letters a month I need to multiply that 10 fold to make a business out of it.

The risk is based on calling the timing correctly, which few if any have perfected.That risk increases thousand-fold with real estate because real estate is not a liquid asset.  

As far as the City goes...they charge you $75/year per unit for a "rental license", inspections are two-fold; exterior inspections (weeds, sanitation, exterior issues, etc) are done twice per year.

Interesting, Darren, my definition is very close to yours, but I'd say there is another important element, the quality of the information given.To me, the derogatory use of the term is applied to those that add fluff, exaggerations, aspects that while may be technically correct but are highly improbable to replicate or simply put out bad advice with no consideration to ethical issues.I make that distinction because, some professor in some university teaching a real estate course or some instructor in a state approved real estate school for agents isn't a guru, they are teachers and instructors.The difference in being a non-guru teacher is two fold, 1. the materials taught are compliant with rules, regulations, laws, accepted in practice and are based in sound applications of the business; and 2. they are qualified by education and experience, by education that has some professional level that is determined by proof of their mastering a level of knowledge, testing and degrees earned or certifications by proper authorities in the industry or academia.

Here in Tucson, there was a big PM company that folded last year because it turned out that their accountant or internal bookkeeper or one of the partners had over time stolen several hundred thousand dollars in owner reserves, prepaid rents, tenant security deposits, etc.

Then he pulled out his wallet and showed me the crisp, folded $100 bill he always carried around in one of the small pockets "just in case" he came across something interesting he could put an option on. 

Everyone on here advises having a securities attorney put together the appropriate business entity and paperwork, so my question is two fold.1.