Even if you're not ready to buy quite yet, you'll be better equipped to spot a good deal vs bad deal when the time comes.

On top of that - this will cost several thousand dollars - I'd say over 10k for the structure, equipment etc. 

ServPro quoted $3000 to have his items moved into a pod while work is done and to have his items moved back, but he refuses to pay a penny for anything (including rent for a year and a half I might add).To make matters worse, he threatened to unplug all water mitigation equipment left running in the condo used to remove moisture and possible contaminants from the air.

This is common practice in my non-real estate busness where as a renter of equipment I am required to to list the supplier as an additional insured/loss payee.

@Shaquetta Chittams - I would look for something to guarantee the loan such as a car that is paid off or equipment that you could hold onto and sell if needed.Unless you have some asset to secure the loan, then there isn't really anything you can do to ensure you get your money back.  

Negotiate with the seller 2. if that doesn't work for you, chalk this deal up to your education/experience  3. remember as long as you keep looking, you will find other deals and  4. you are now better equipped to find the RIGHT deal for you, so don't be too impatient. 

The reality I ran into was that a rural homestead, assuming you're not living like the Amish, depends on tools and equipment, and equipment breaks down, and you can't grow equipment parts in the garden. 

@Zachary Blanchette ,....don't wait for a "mentor"....many on BP, less equipped than you, are diving in and succeeding.

I dislike banks as we purchase a ton of equipment and my credit is constantly getting checked and I am interested in information regarding hard money lending as an alternative.I would greatly appreciate any feedback from anyone that has experience with hard money lending.Best Regards,Scott Bares DDS

See active participation checksheet at end of chapter.Sub-Issues The activity must consist of rental real estate (not an equipment lease).The taxpayer must have “actively participated” in the rental.The MAGI must be less than $100,000 in order to obtain the full $25,000 benefit.Active Participation Sub-IssueAs long as a taxpayer participates in management decisions in a bona fide sense, he actively participated in the real estate rental activity.