The decisions and actions you make today can lead to incredible long-term benefits, so it's great that you're starting now.A good starting point is connecting with a lender that aligns with your goals.

Thanks.It’s definitely worth a conversation with your neighbor, but as others have pointed out, they might see it as you benefiting more than them.

Be mindful of short-term capital gains tax, as profits from flips held for less than a year are taxed as ordinary income, and frequent flipping may result in self-employment taxes.While profits from flips do not qualify for 1031 exchanges (since flips are considered inventory, not investment properties), you can minimize your tax burden by deducting allowable expenses like renovation costs, loan interest, and holding expenses.If you're considering diversifying into rentals, explore opportunities to benefit from long-term tax advantages such as depreciation and lower long-term capital gains rates.

I have not lived in the property two years and feel that any profit I may make on a sale would get chewed up by closing costs and capital gains. 

I recommend you go visit a few times to network with local investors or find an investor friendly agent so you can gain local market knowledge, find off market deals and for things such as showings, picture taking or getting accurate comps.

If not, it's important (although not absolutely necessary) to have experience to gain their trust. 

These investments may be better than a mutual fund, but REITs miss most of the biggest benefits of owning real estate.

It will familiarize you with the basic terminology and benefits.

In the meantime I would put the money in a low risk account gaining 4-5% which for $250k would be around $1k/month.Hey Chris - what is driving the sentiment not to buy anything right now?

I wish I could say that I'm venturing into real estate investing for some benevolent purpose like providing low-income housing for the needy... but financial gain is certainly my angle lol.