The main takeaway being that I really want it to look like a business and not a hobby.The financial accounting piece is also critical.

Call your local planning department and find out their approval process for your particular parcel to split and allow for a 2nd homesite location.The main value in any piece of land is the ability to create a homesite.

It's mainly a revenue-generating source for the cities.

I'm a member of the REIA Club, in Ct.My main reason for being a member, is to network.On a slow night, at least 100+ people, are at the meeting.I've seen over 200+ people at some of the meetings.You mentioned that you've found some properties, that you're interested in.What type of properties, are they?

My main questions include how exactly to go about securing financing when you have poor credit/ no working capital.

If you are basing a purchase price mainly on the income approach, then having access to a couple of years of P & L statements are absolutely critical.The gross rental income will include your vacancy rate.

Duplex, 1514 sq ft, 3 miles from the main UniversityRents for 550 in one unit and 695 in the other$110,000.00 asking5.25% Interest16 years 15k Down2011 Tax- $2109.74Insurance $1,163.00Thoughts?

Craigslist and for-rent signs are the main inputs for me, but there may be others in your area.

Always have a reserve in place to be able to pay for unexpected repairs as they're sure to surface over time.Even with the unexpected road bumps, I continue to be a huge believer in real estate as a critical component of investment strategy.

That's what even CPAs debate.The answer to this question then influences my main concern: mileage deduction.If I have to drive to a rental for some maintenance (no other stops to keep it simple), can I deduct the mileage, if I have an office in my home, but not an "IRS type qualifying home office", that I actually use for business purposes?