My friend and I have been establishing our list of contractors and private money lenders, reading every bigger pockets book, listening to podcasts, talking to other investors in our area and now finally after several months of preparation we are ready to sit down with some professionals to put our plan into place.  

Prepare yourself financially.

If so, think about potential problems related to that...If not, be prepared to work on/with current tenants... 

I'm not interested in obtaining a certificate for a certificate's sake, but to learn everything I can now to better prepare for the future.

Without the money in the bank, I can just get a money order / cashiers check ready in preparation to bid on auction day.  

My real fear is rents decreasing as I am prepared for equity to move up or down.  

Do you escrow to prepare for the unforeseen?

As a tax preparer, if you told me you had this arrangement with the sellers, I wouldn't record this as mortgage interest on your Schedule E, I'd record it as other interest.  

I am sure that there are plenty of opportunities in New Orleans and its suburbs for you to make a living down there.Just take everything seriously and be prepared for whatever you are looking for.  

Big thing is to watch the listings and be prepared to make a offer.