I suggest studying the subject well before you plunge.

If you wanted to dig deeper into your states real estate laws, etc you could study your states real estate agent course for under $1000 during the summer break.

I certainly intend to keep glued to the podcast, while reading all the material I can get my hands on and complementing my study with attendance to local REIA's.I'm sure I'll have more questions and I look forward to sharing with you.Aris

Study zillows price history for area flip sales for offering at a high price... price drops, then selling at 80% of original listing. 

It will take some study and learning about real estate markets.

You will want to keep statements to prove you are not using the proceeds to pay off personal debt.Interest from cash out refinance need to be traced to use.

They have studied the eviction laws and know all the loopholes to exploit on a DIYer. 

No, because you can source where the funds originated and prove this is your money.

@Daniel Lehman How do you prove projected rents?

Mine is nearly a full page and covers how to prove the 'other offer', how to go about using the escalation, and covers disclosures of what could happen with multiple escalation offers.