It's better to start slower and make money, than trying to go to fast and losing money.

It sounds like a horror story but I learned a lot on invaluable lessons and didn't lose my shirt on the deal.

If I break even or even lose a bit on the first deal, I can live with that as long as I learn something to make the next one go better. 

I know it is from the buyer's end.There's a chance you would sell for a lower price and lose money.

Your just going to lose money.Assuming if your property got turned over today, and they would make a bunch more rent as they are up to par for the area, this is what you do:Your going to spend money.

However he is a pro basketball player in Europe, which potentially makes proving his income a bit tricky, as he gets paid in Euro etc.How do we best find funding?

Here is where we are at and need more experienced BP guidance:House is under assignable contract but we plan to at least take ownership if we don't do a double close, I am afraid to lose this deal by not being on the deed.

It's not about "LOOSING" (spelled losing)  the job Tracy, it's about booking out your schedule to do a job and turning away other jobs only to get cancelled 2 days prior....This is very disturbing if this is your business practice...

@Natalie Vane  sorry for you picking the wrong partners.. but it happens to the best of us.. you will usually lose your money in this scenario .. you can file suit and put a lis Pendance on the property.. you would have a right to do that if you have a clear written JV deal. 

I'm 19 and about to buy my first 2-4 unit apartment but haven't yet, however if I could of went back a few years with everything I've learned now just make sure you're always learning, reading, etc, don't spend your money on stupid things like cars and clothes, if you get a job and keep saving you should have money for a 5% down payment on a property by 18 or so, if you're going to college you can buy a 2-4 unit (duplex-4 plex) or a cheap house and rent out the other rooms, that can go in general too not just with college, and don't buy a brand new car, get at least 3 years old because a car loses 40 percent of its value over those years, you can get a very low mileage older car if you hunt for it, new cars are financial suicide to young people, ideally don't spend more than 10% of your income a vehicle per year, that may be hard depending on what you do, and invest every penny you can while maintaining a safety net (at least a couple thousand dollars to cover expenses, etc) that way you don't have to pay abhorrent credit card interest rates.etc