I find this to be the best source for down to earth knowledge that is so hard to find sometimes.My plans for next 1-3 years is to get my first REI property and get my feet wet in the real estate.My future plan 5-15 years is to build a portfolio to retire on. :)I really enjoy BP and super excited to learn from all of you folks on here.

There are many great sources of info, including seeing a lawyer (as Timothy Rogers suggests) to help with this part.

Sources for comps include: MLS, public records, a title company.

What were the biggest threats to the project’s success that you encountered and how did you overcome these?

From what I have heard from so called " reliable sources", it is supposed to be a good place to Inc. for asset protection.

The biggest mistake on rehabs (besides not comping correctly) is to under estimate the rehab work, even on light, cosmetic stuff.

Well, if you don't have much experience, and you're looking for an investment where your biggest time investment is in "the initial research, due-diligence required, etc," then I would suggest finding an experienced and successful investor who needs capital, and partner with him/her.

I have the goal of buying and flipping properties in Colorado Springs and eventually I would like to invest in rental property for a steady source of income.

No amount of “creative book keeping” aka fixing the books is going to stop the inevitable.Short term option, until the money runs out is raise tax/find more tax sources.

The biggest plus I've seen is that FHA loans are *assumable* - not a big deal with 4% money, but in the future it could be huge.