"- No over-site, no liability, no potential consequences for their actions?

I've been wanting to play, and it's on my action plan for 2014!

I would have a conversation with them before taking any action.

If you can show that your deal will provide the investor with the desired return that the investor is looking for, and at the same time you can take a piece of the action, the investor might be very happy with the structure.

I don't really know if this is a realistic course of action.

I just go straight to foreclosure action.

Don't get me wrong, learning by reading and watching is already getting started but if you spend too much time on it before taking action, that's a different story,If your gut tells you to start with Wholesaling then be it.

@Dane Hebert  You have to issue what is referred to as an "adverse action letter." 

You don't have to have all the answers yet but will help you get your plan of action together.Also listen to the podcasts and create keywords like "London" so you'll get alerts.

Early in your RE career its easy to try and make things a deal, when after you have been educating yourself for awhile, you look at properties to see if they are a deal.There is a balance between jumping too soon and not taking action,,,just slow down a little bit until you feel knowledgable.If you can find a mentor and run deals by them, then you will be closer to making a purchase,,but find a mentor in your area if you can, they know the market, which is a BIG deal.