At the Berkshire Hathaway event this last weekend, buffet illustrated this best.

I would expect a payment after every major activity is complete.

Since you have 50k available, you should jump on a plane with a cheap fare over the weekend, stay in Michigan, look at the 5-10k properties and then be able to come away with the impression of whether you want to go further or not.

Its an active, manufacturing business. 

You'll find them a variety of ways: expired listings, landlords who have filed for eviction, probate sellers, pre-foreclosures, and as referrals from active agents, just to name a few methods.

I have a full time career as an engineer in a large processor manufacturing company in Oregon.My goal this year is to be more active on the site besides just consuming every podcast in the archive.

Since you own 70 rentals you have to decide how active versus passive you want to be.Everyone in existence is chasing the value add multifamily right now.

I've lurked a little bit here in the past but decided to create an account and get active.

Can anyone provide insight on the process of obtaining licensing in Nebraska, maintaining the license, annual fees, need to actively broker etc.

The property had been on the market for a while without much activity, so we made an offer at $5,000 (so 95k) below asking with paying taking 3% closing costs.