I have been studying, reading and learning as much as I can over the past year and feel confident that I would be successful if I could get the ball rolling.

Plus I have to really study this new market!!

study everything you can on how to buy them and manage them....but there aren't any management companies out there that are really worth it...one is because it isn't cost prohbitive to pay a property management company when you can have a manager on site and pay them. 

This time I changed when the 10% per year decline started to see how much impact that had and also changed how long it lasted.Here's a summary of the net worth from each scenario in year 40.And, here's how cash flow changes at the end in year 40.I just made these and have not really dug in to study them, but at first glance, it looks like the later a crash happens (which is when you have more properties impacted), the larger the impact on your net worth.Cash flow was not impacted that significantly though by when it happens.The longer a crash happens (like a crash that is 10% per year over 4 years), has a bigger impact than a crash that is 10% down per year over 2 years.

Study hard.  

Connect with others in your area and study the listings and the markets in the area you want to buy.  

Of course there are classes you can take to pass but your time will be best spent studying the R.E investing strategies.

If you want to be in the rental property business, you first need to study the business.

It would not sell for too much more than that today, maybe $5-10K, based on what I have studied about the area.

Once a borrower becomes delinquent on his or her mortgage, that person develops a negative attitude not only about paying the mortgage and his or her general finances, but also about the whole idea of homeownership — significantly more negative than homeowners who are underwater on their mortgages, but are still current in their payments.That’s according to a Fannie Mae study released this week.http://www.marketwatch.com/story/what-delinquent-borrowers-are-thinking-2012-06-15What do you think?