Start advertising, preparing the unit, and screening tenants.

I actually know very little about this type of investing, so I plan on spending a good deal of time educating myself so that I will very be prepared for my first deal.

Please post multiple ways things can go wrong so I can at least know what to prepare for?

Get prepared and then get out there!

Just using 50% prepares you for the unknown.I've looked at a bunch of property data sheets over the last few months, and the list seems endless.

Can someone please explain so that I can be prepared and somehow factor this in to get the most profit at the end of the year?

==================================LETTER OF INTENT TO PURCHASEDate: April 22, 2007To: XXXXX XXXXXXFrom: XXXXX XXXXXX,XXXXX XXXXXX Inc.Re: residential property located at: XXXXX XXXXXXThe following sets out the basic terms upon which we would be prepared to purchase the Property.

================================LETTER OF INTENT TO PURCHASEDate: April 22, 2007To: XXXXX XXXXXXFrom: XXXXX XXXXXX,XXXXX XXXXXX Inc.Re: residential property located at: XXXXX XXXXXXThe following sets out the basic terms upon which we would be prepared to purchase the Property.

I want to learn as much as I can about the various elements of REI and rehabbing, as I feel I should be as prepared as possible before getting myself into what could be a huge risk with big negative consequences if not handled correctly.

I have prepared myself for this situation..