Great info here Jim.

We'll cut to the chase, here's our dirt.The Facts: Ages 51/44, Married, w/10 yr. old childOne steady income 45KOne low income & fluctuating (self employed only 2 years but growing slowly)Living/ renting in NJ (Very expensive market, 2 family units sell over 500K)Fair amount of debt 37K (Car loan, 2 CC, Medical bills)Just getting by each monthCombined 401K's =  150KMy 401 (100K) can be transferred with no penalty to a self directed IRA (I had opened up last year in hopes of using some cash to invest in RE) We are determined to get into REI however we're probably going to need some creative ways to do it with our current situation.

I am in Virginia and looking to invest in KY or OH, so I probably should put my info out to lending tree / quicken and some of the others to see what rates I get. 

There are a lot of questions/info that I would need to point you in the right direction.  

I have a auto body shop that is located in a D class residential area, it was own by my grandfather, he is getting up in age and he is passing it to me. he hasn't done body work in years, he just have been renting the place out to some guys he know for like $220 a month. the utility are still in his name also. my whole idea is to come in, change things around, do the proper things, have a actually lease agreement written out for the tenants, with the new rate increase and rules, there wont be anymore of the late rent payments, there will be a late penalty, the utility will be in the tenants names,I plan to put a security system on the property, I'm new to all of this , its my first property I'm open to advice, suggestions, ideas on what I should do.

Good networking with other newbies like myself as well as those of various levels of experience, those with and without non-REI day jobs, those looking to buy, looking to sell, or just looking for solid info.  

Thanks for the info @Ron S. and @Blair Poelman I was just wondering more from a buyers perspective, mainly on what you have pointed towards @Blair Poelman . 

You need a warranty deed to buy or sale at full price.Is there any additional info you can find on the tax assessors website about the property?

I have attempted to do so, but it can be difficult once I tell someone my age! 

Any info is appreciated.