First and foremost you want to be a transaction engineer meaning that you will learn many niches in this business as you go along and you will probably settle into the ones that you like best and work best for you.

Eventually I want to get an experienced mentor at the head of the group as our guide.

Since you're just starting out in the Houston market, your best bet may be to offer your services as an experienced rehabber to a new investor who has some capital to invest.

With respect to the bowing wall, my suggestion would be to speak with an engineer to determine if beams were needed, and if so, to determine if excavation is needed.As for your question about the offer, I would incorporate the cost of drain tile into the offer, and if an engineer said beaming was needed (or excavation), I would incorporate that as well.

Regarding the 50% rule (and note that 38% will be adequate if you entirely self manage, saving 10% PM and 2% average leasing fees), and what others you know are stating they've experienced: Unless they've really crunched the numbers, I don't think most people really know the percentages, and will guess on the low side.It's not as simple as going to the tax return and taking a look.

Following the advice of some experienced investors on this site, I went ahead and registered for the California Real Estate Agent's course and should have my license in less than 2 months.

I have experienced it with my home and my SFH rental.

Did you cooperate with someone experienced or just went for it?

Its good to have a source of like minded/experienced investors.

Unless you are very experienced, then you might not put a contingency in the contract to make it stronger.2.