Make it clear in your rental agreement how you will apply payments you receive from the tenant, leaves less room for argument; here's how we do it:"PAYMENTS. 

My thought, however, is that the "sweet spot" on the spectrum is really at the lower end of Value Add (approaching rehibilitation but not there).I'm thinking the sweet spots for my first investment should be:1) 20 Units in Value Add 2) 5-10 Units in RehabBoth of these conditions would be coupled with some quick financial measure to identify properties that warrent further research, perhaps by applying the 2% rule to the sum of purchase cost + upfit costQuestions for those of you with experience in this space1) What is your Sweet Spot and why?

This duty applies whether false or misleading statements are repeated in person, in writing, by technological means (e.g., the Internet), or by any other means.

The home was rented but the rental income left me with a $430 a month shortage.I applied for a loan modification twice, once in 20011 and once in 20012 and was denied both times.

I applaud the fact your taking action, as 90% do everything but take that first step, I suggest read, read and listen then apply some of what you have learned to your next deal!

And of course, that's according to CA law and not Arizona law or whatever state law applies to the OP's property.IMO, this was the best summary of property manager requirements in CA:  http://www.kts-law.com/documents/200862165051231.p...If the OP is considering management, he definitely needs to first check the applicable state laws.

I will plan on getting my RE license in NY because CT is a reciprocal state, meaning I can apply for my CT license once I get my NY license.  

So what I ask of is for some advice on helping me educate myself more on different types of properties to invest in and on how to actually apply the information i read about.

I'm applying for one as we speak.

I arrived to this idea:  Apply for a home loan through a bank for the purchase of the house, and take out a business loan for the renovations.Would this be the best route to take for a newbie with no personal connections?