@Peter Sable First, focus heavily on the education piece by reading books, listening to podcasts, joining masterminds, and attending conferences.

My lessons were that rising property taxes can heavily impact profits (not an issue in CA), Mother Nature can be harsh, getting contractors from a far to actually perform especially in a time after a disaster can be very challenging.Good luck

General advice: I would advise against making your first deal a heavily distressed property.

I picked up the properties for a heavily discounted price (because they had sat on the market), and had no problems finding highly qualified (and high-earning) tenants that made the place cashflow right out of the gate.Another example: I once bought a property in an A class neighborhood that had an awkwardly-placed stairwell inside the front entrance, which turned off other buyers.

Being a Veteran, I was thinking about marketing heavily to military families, however.

Otherwise, be sure to write up whatever you agree on and track each partner's "capital account" which will be heavily weighted to the investor initially.

About 98% of my investment clients are not local and probably 95% have never visited Indianapolis or IN, so they rely on me heavily for this kind of information.

Does this mean that this property would not be that heavily considered when determining whether or not we can get another mortgage?

Essentially, if you structure the plan properly and have a substantial amount (or even a smaller amount over time is great and is what I am doing to get started) to contribute to plan, so long as you're insurable, you can open a policy, fund it heavily (but within tax guidelines to ensure tax-free growth and withdrawals), and then LOAN yourself the money to invest into your deals.Done correctly, you do in fact put your money to work in 2 places at once!

The tenant laws in New York State heavily favor the tenants over the landlords and NYC is even worse.