Exact requirements vary, but 720+ should be OK2) cash.

I have had a Real Estate License which yes I went to school for it, as well as a degree in Business Management and another degree in Accounting/Bookkeeping.

Other houses in this town are vary in the range of $35-45/ sq ft.What do you guys recommend on finding comps in this situation?

Also, I am not in default on student loans all payments are current I just racked up a lot of debt to earn that Masters degree!

God forbid it get above 74 degrees in the house:) Open a damn window!

You May have been to a Guru seminar if..........You believe brokers will continually submit deals to you although you have no capitalYou believe lenders look at the property ONLY when considering whether to lend you money, so that your multiple bankruptcies, credit score of 490, and $80,000 in credit card debt won't matterYou think that commercial real estate sellers will accept post dated checks for $100 as sufficent earnest money.You believe no seller is sharp enough to see through the numerous “weasel” clauses you put into your purchase contractsYou are persuaded that the only difference between a $1000 transaction and a $1,000,000 transaction are the amount of 0'sYou believe everyone who critsizes your plan is jealeous and wants to see you failYou believe that 20 years of hands on experience, a four year college degree in real estate and yearly mandatory education seminars can be trumped by the “intense training” 3 day seminar you just paid $7000 for.You believe that the $7000 you just borrowed on your newly increased credit line to pay for that seminar is an “investment”You can't believe people actually wasted $80,000 and four years of their life learning “useless” information in collegeYou believe assembling your real estate “team” is your key to success and a necessary first stepYou believe you can actually contract with the best “players” in the industry although you have no experience, capital, or track recordYou believe that once you find the deal that fits the formula money will come to youYou believe that your Guru has provided you with exclusive information on how to find “bargain” dealsYou believe one in a life time “steals” are an everyday occuranceYou believe you can be successful working “the system” on just weekends and holidaysYou believe the Guru got rich by actually doing real estate deals rather than by using a slick promotional sales and training systemYou believe the personnel provided to assist you are actually real estate investors who actually have experience and knowledge and aren't just some failed salesman reading from a scriptYou believe you're the first person to think of using BiggerPockets as your source of wholesale leads or to build a buyer listYou believe wholesaling is investingYou think the term is “whole selling” not wholesaling.

I am new to this, but it is my understanding that it varies by each case and not many investors deal with the headache or the risk.

While I have many interests, all varying from music production, video game development, cars, and even real estate, I just don't get excited about getting a degree for any of them and hoping to land a career, working that "9-5".While I will always have much to learn, I feel "ready" to take the leap and start gaining some momentum in regards to starting a business of my own, or at least owning some rental properties.

I'm sure it varies a lot!

Ethical conduct, at varying level , is required, lines are drawn.Now, in your example, if you bought a 20K house, put 10K in it and it only has a 30K market value, who screwed up?