^ the credibility that a 1 post BP member has on a Guru criticism thread.....0.

Decide what areas you are interested in and build a good network--investor friendly realtors, a good pm, qualified contractors, title company or REI attorney and a CPA that knows every aspect of REI.

If we would have focused on other aspects of our business, man we could have gotten a lot of other things done!

Although I know I could not accomplish all the work myself I am very capable of most aspects of the rehab ( I am not a "do it yourselfer" I am a professional. 

The critical issue is IDENTIFYING the Replacement Property(s) within 45 days of Closing.

I am a beginner looking to expand my knowledge on all necessary aspects of real estate before investing.

You'll want to do extra due diligence on every aspect, especially your management team.

Make sure you've looked at and understand the condition of certain critical parts of the home i.e. roof, windows, flooring, etc.

@nickpatterson  I have thought about getting my broker's license.. just a quick question.. will a brokers license help me to become more proficient with the numbers aspect of the business?

Your investment is at the mercy of the association and its Board of Directors.Some associations welcome investors and are renter friendly and others despite the governing documents permitting rentals are not rental friendly at all, which leads me to my next point.In addition to the REI due diligence you're already doing for the area, the property, rent etc. another very important aspects of this purchase are the governing documents.I would advise anyone who is considering purchasing a townhouse within an association to carefully read the governing documents before making an offer on the home.