The basic framework will outline any separate property and any community property.

As Dion pointed out, buying a note is not buying the real estate.As to the "education" there are three ways to learn, basically.

People have exit strategy of rental if the flip doesn't work.Even as a flip if you try to sell it at $145,000, you will pay approx. 10% in closing cost including commission, which leaves you net of $130,500, which is basically your investment in the property.Have you tried to connect with other investors in the area and see what they are doing?

After I posted this I see that Duncan had also chimmed in,,,basically the same thing he said.Maybe I've missed something, before anyone can answer your questions, you need to give more information.

Hi Joseph,I know it sounds basic, but all of the incentives and contractual details really won't do what you want if you don't have a contractor who is experienced in that type of work, and who has a record of performance.

Private lenders are basically people you know.

You want to do research on this but you basically offer them payments (for 30 years or more ) until the price is paid offYou will win in a situation like this by having a cash flow that is more than what you pay (typically 50% of the rent, until purchase price is actualized)

It's basically the same premise that @Aaron Mazzrillo talks about, that is, small actions compounding into big results.

@Marcus JohnsonI agree that going away to an expensive college is a bad and expensive way to 'find yourself'.However, its often very hard for people to 'go back' to school, so I'd push anyone I know who's unsure of what they want from college to at least go part-time to a local community college, taking basic courses that transfer well.You keep yourself in the 'student' mindset.

Now I get my education basically for free and now I enjoy my life again and love my business.Thank you to all and especially Bigger Pockets!