Also, as you start going through the process, pay attention.

I have been reading all of the forums working my way back and I have already gained so much information but nothing beats hands on work.

The point is you shouldn't lose money if you pay close attention to what you're doing.

Over a year its taxed as a long term capital gain, 15%.

And you need gainful employment.

Oppurtunity cost nobody pays attention to it.

It Appraised at $700k.We’re thinking of refinancing the construction loan to an 80/20 int only.80 @ 7.2% 20 @ 10.8% We’d get $250k cash-out to pay off debts and buy land for another new house.I'm living in the house now; We’d sell the house after 6 months (1 year after acquisition of land = .05 Capital Gains tax).

All of the above posts are valid but you also gain experience just by asking questions.

Unless you are working a short sale or utilizing some type of low equity exit strategy (lease optioning, note carrying, or long term rental) then you should focus your attention on the properties that most likely have equity (old deed dates or low original note amounts).

When we offer 100% commission to a new or experienced veteran in the real estate market you still get 100% attention when you have a question, you still get 100% of our vast knowledge and experience. 100% all around.