This can help promote some goodwill with the tenant and add some nice value to their living situation.

People have been so pumped up by SDIRA promoters about how they can make a fortune lending their IRA's that everybody with an IRA now considers themselves a private lender.

I am 22 years old and currently have a Bi weekly salary of $1200 once taxes, 401k, health insurance, and all of those good things are taken out of my check.

I'd look at places at say 75,000 population + but not innercity over 200,000, personal thing, I hate traffic for one thing, but you also get more competition, lose that small bank relationships, generally have more metro regulations, health and building code issues and it's much harder to get into an influencial positions in the community, you may only get to be a small fish in a big pond.

Taking your current $50K a year example, when you add things like health insurance, retirement plan and employer paid taxes, you are closer to a $75K number than the $50K number.

As of now, I have no experience in REI but believe it offers a great opportunity to improve my financial health.

When a rehabber buys from a wholesaler, its different, they are both in the business, and they both know that each other are probably trying to work the deal to some extent.Glossing over easily predicted expenses to promote high rates of return when presenting an investment to an inexperienced customer is harshly frowned upon.I hope you reconsider and come up with numbers that you are willing to stand by and defend publicly.

I'd want to fully understand the condo regime, the health and governance of the association, my risk and responsibilities.

Take into account things like health insurance, disability, life insurance, etc. all the "perks" that sometimes come with a regular job.

You can employ your spouse and buy them health insurance,you can purchase your vehicle by your company and depreciate it and repair maintain it., etc.