Ideally though if I were you and you're just starting out here's what I'd do:I) Consider for a moment that you're still young and still have lots of time and energy on your side.

OK so after that, is it best to play dumb with the seller and ask them questions that sound like I am a regular buyer or someone who has done their homework?

The ideal candidate is confident, creative, has strong follow-through, excellent verbal and written communication skills, and is a real people person with a genuine desire to help people.

Of course, there are a TON of variables that can come into play.

I am not an accountant, nor do I play one on the internet.NOI (net operating income) is determined by subtracting the operating expenses from the gross rents.

Anyway at the last minute they agree to sell...lad de da....Next thing they have a lawyer saying that the we DISTRESSED......They didn't know what was going on...WE stole the equity......Alot of ******** to say the least, but they play the system....JUST BE CAREFUL....

Believe me, there are "professional" deadbeats that know how the system works, and will move in for nothing, play you, and end up with six months of free living.

It's not just state law; city ordnances play a huge role.

The housing market will turn around only when first time buyers can afford to move into housing, whether "afford" is persieved or real also plays into account the turn around in an unknown way.That is the basic crux of the housing market.

Unless you have extensive knowledge and connections with rehabbing, financing, market analysis, and just general real estate investing, I think you are setting yourself up for failure trying to break in to the downtown renovation game right now.For a beginning investor, I would rather you start out with something safe that has a strong possibility of bringing you a quick return rather than play the dice and hope it hits in time, and that advice has nothing to do with being my competition.