If you are going to market it yourself remember to allocate 3% for a buyer agent if a realtor brings someone in addition to your other marketing expenses.

Just remember that you were once a newbie, as was any other real estate millionaire or billionaire.

Remember to factor in some unforseen issues with repairs (maybe 10% over)When you have determined the ARV and the estimated repairs, I would recommend that a "good deal" for a rehab project (fix up and resell) in an average market is 70% of ARV minus repairs.

I remember one episode where the owners (a husband and wife) couldn't get their asking price, didn't have room to come down because of how tight the numbers were, and ended up putting the house up for rent and having the wife go back to work so they could cover the payments on this house.

If you sell it after 1 year then you will be taxed at the long term capital gain rate, which if I remember correctly is 15%.

I remember my first purchase was at 21 yrs old.

It's not really the ideal property to do a condo conversion on, although it could be done.

Loans are a great way to leverage and acquire property.I tend to be pretty conservative when I deal with loans (Always 20% down at least) and always fixed.

remember...even though its a few blocks away. some area codes work and some don't (in my expeience)knowing more always helps!

Potentially I can be involved in R.E. full or part time, as my non-R.E. activities give me flexibility.There was an excellent post somewhere else on this forum (can't remember where I saw it), saying that to make money, you have to add value.