We are so excited by a potential opportunity we were just presented with but we are also new to this area need your advice and thoughts on things to watch out for!

5) Should I watch out for any unforeseeable outcome?

What you need to look for for in both scenarios is for a quick disposition of the property and a negotiation of a waiver of the resulting monetary deficiency (talk to your accountant and watch for potential tax consequence!).

Really looking forward to seeing you around the forums and watching you grow as investors!

Watch the news and let your opinion be know to your state government.

My tip as a beginner to other new investors is to keep your credit score up in the mid 700's or higher, watch your debt ratio's on your credit report for borrowing with banks (especially if you are not holding down a full time job).

Taught myself watching this on youtube.

If you can contribute to their day in a meaningful way, while learning, that would probably be great.If you have the mindset and desire to actually do the physical work, that's great too because then you get a better idea of what's involved when you do it versus just reading about it or watching someone else do it.Budgeting is also important. 

http://www.youtube.com/watch?

If it is something you are comfortable with, then you might do your own later after watching the process in full.Disclaimer: While I am a licensed Oklahoma Attorney, this is not legal advice.