Also, does Capital expense come into play if you are still working an FT job and able to save a substantial amount each month?

As for me, I'm going to continue playing it safe, or as safe as possible these days. 

You will only be offering sweat equity at this point and you may get little, if any, financial return assisting a sponsor on the first deal(s) but it is often how you enter the commercial real estate game.

In fact, it is technically possible to defer taxation indefinitely if you play your cards right.I'm sure some much brighter minds than mine will pipe in on the thread at some point, so always defer to advice given by Qualified Intermediaries or other 1031 professionals.

Darren,You need to compute your tax 'basis', because yes you'll get the $250k (or $500k if you're married) but often some of the improvements and $ you've put into it will come into play if you're over the $250k. 

I would ask the lender, but probably not most lenders want you to have skin in the game, even the seller takes on a lot of risk if you don't pay, because they would not be first loan position. 

Bottom line, if you want in the game you will have a situation when it's owner-occupied that you live very cheap but not free (ie 400-700/month), when you move out you will have very modest to even cash flow for the first few years. 

You are late in the game.

Flipping sounds neat, but if I find a place thats worth holding and renting I am game for that too. 

(disclaimer: I do not play an attorney on TV and definitely not in real life) One thing I see that makes having a license easier is having the MLS to pull comps and value properties.