Not a member so I may have the details of this wrong but my understanding is that when there is a property for sale, LU members form a queue and take turns bidding (ex - if you're second in line, you have to wait for the person that's first in line to pass on the property before you can make an offer).  

Better you lost money on this than with a guru, imo.Learn to calculate your own cash flow using pro formas.

If you are hungry and motivated and looking for a less risky way to get started we could come together and form a llc and look for deals to get our feet wet. 2 heads are better than 1 and 4 is better than 2!

@Jamiru MutebiMake sure that you fully understand how the numbers and legal structures work Learn how to conduct pro forma analysis and contact law Let me know if you have any specific questions

Buyer will have 5 days after a written corrective proposal is declined  to accept the property "As Is" or terminate this agreement in writing, with all deposit monies being returned to the Buyer"  I have other addendums regarding the documentation I require of the seller regarding pro forma costs claimed rent roll...

A quick way to estimate topline revenue for a specific property would be to use a tool like Airdna or Rabbu, then you can run a full pro forma from there.

@Jenet ChristiansenWelcome to the BP community, where you will find like minded individuals committed to REI and also helping others succeed.I am very sorry to hear that your dad an daughter passed.You mentioned a desire to form a LLC and as such I added a link for your review.https://www.biggerpockets.com/rei/real-estate-corporation-llc/ (Business structure LLC and Corp info)Your time on this social media site will be well spent.You have taken the 1st step by announcing your readiness and commitment to embark on a REI career.Whether you pursue, wholesale, rehab & fIip or buy and hold it's up to you to decide.The bottom line is that you must take action to start.

There is no market supporting data, no pro forma to base those profit numbers on and you have the cart before the horse (see real world assessment below).

One of the RE books I read suggested that you should form a team (including accountants) who are also RE investors themselves.

I recommend using the CAR PR form and the CAR AOAA form, as they are both CA Realtor approved and they are designed to work together.