The Plan:1) Add washer/dry to the remaining 69 units.

All have been so critical in gaining invaluable insight and knowledge so I can feel confident enough to pull the trigger on my first deal.  

I agree with Chris, the REO properties have dried up and with the market being a sellers market the banks are getting top dollar for foreclosures.

Hello BP,I'm getting close to finally pulling the trigger on my first property but I'm currently facing a dilemma that I thought I'd share here to see if I can get some much needed advice...I have my eyes set on a triplex that cashflows around $150 per door but I'd only see the cashflow after I move out, which would probably be anywhere from 1 to 2 years since I'd be going through FHA.

You can have all the contracts in the world, but if they other guy has more money, they'll bleed you dry in court so you might win a small battle, but you'll lose the war. 

I know it's not cut and dry, and definitely depends on the nature of the problems.I would think a water line break or sewage backup would warrant an immediate response?

The next 6 months you can then decide to pull the trigger.  

In particular, a friend was approached about buying an existing dry cleaning business.

I am looking forward to meeting new people and learning as much as I can before we pull the trigger!

The ink on my license is barely dried, but I'm planning on getting out there and making things happen ASAP!