My mistake, I just realized that the C-corp becomes the investor once a ROBS arrangement is funded, not the 401(k). 

I think many BP'ers appreciate you sharing your less-than-fortunate experience, because it is in our mistakes where we learn the most. 

It looks like your capping home income in whatever calculation you are doing which is literally one of the worst things you can do because you will pay 20 grand for a run down home thats worth zero and you will do it 26 times over.....I don't think Frank and Dave have a "sky high formula" and i feel like you are missing the entire picture here. 

But since this would be my very first property, and I'm not exactly in a position to make a mistake, and I want to give myself as much cushion as possible, I would definitely want to maximize my profits on whatever property becomes my first deal.

Not necessarily in the worst neighborhoods, but places where average real estate prices are relatively low and the quality of life is still decent. 

The biggest mistake most wholesalers make is trying to sell a deal that isn't favorable to the investor.

Licensed means having a real estate sales license, But acting as a principal instead of as an agent.If you buy as a principal buyer you are not “acting agent for.”If you buy for cash or sub 2 or on a wrap, a license is not mandatory but it’s hard to get agents to work with you. 90 per cent of properties are sold via agents.Selling on rent to own it’s helpful to have a license, especially if your state requires a license to show properties that you do not own for rent.Getting a license help get respect from everyone, especially lawyers.Get the license but work with your lawyer and act as a principal________________________________________________ #1 Biggest mistake in real estate investing: ready, fire, aim #2 biggest mistake: not understanding how to talk to sellers.Here’s what I mean by ready, fire, aim.You study all this marketing for motivated seller stuff, how to find motivated sellers, spending money on yellow letters, postcards, scouring the MLS, talking to agents, etc.Then you get a phone call, and you choke.You don’t know what to say,you don’t know your marketplace,you’re just trying to get a quick deal done.So that’s the 2nd biggest mistake, not understanding how to talk to sellers.Let’s talk about real estate agent’s listing appointment training: This is How agents are trained to get the listing, how excellent their marketing is, how great their negotiating skills are, how good their team is,is NOT necessary to talk to sellers about terms deals.

The people that follow them will probably find failure at best and possibly state fines, etc at worst.

Not the worst street (by far) but still some shady looking pedestrians passing through.

Might have been an expensive mistake :(