So many of everyones posts have been a great help already, but you bet, I'm sure I've got lots to ask help on.

I'm sure many people have done this, but I'll bet that most of them don't fully understand why they are doing it, and many of them are losing money without realizing it.What's USUALLY in the back of their mind when they do this, but is often subconcious, is that they are COUNTING on the house to appreciate and/or rental rates to go up.

Not only are you dealing with normal rehab issues for a major project, but then you are also betting on the come.

Remember, each state establishes it's own reg and exemptions.In the end, I guesss your best bet would be to seek legal advise before pursuing PL for funding your deals.

However I bet money most of them are just looking for a cheap house and aren't investors.I dunno.

Not to say that you couldn't find a good mentor online or over the phone, and not to say that you shouldn't accept advise from someone you don't know.

Like all cash just said non competes dont do a whole lot in RE.I have a feeling what the dad is wanting is not a non compete for one deal, I bet he is wanting you to sign something so you don't compete at ALL in your area.

I have only read a couple books and online courses so far.

tpercival, I agree that there are some great online resources like you mentioned, however, they are only as good as the availability of information the conclusions are drawn on.For instance, comps I have gotten on properties in Texas were way out of whack.

I'll place my bet on loss of revenue for someone!