I have been told that late fees can in practice be virtually unenforceable in Oregon because of the Landlord/Tenant laws in the state. 

Listening to Clayton Morris' podcasts after finding his company Morris Invest on Facebook and having viewed a lot of his videos on YouTube is what motivated me join and look into real estate investing further.That being said, the biggest obstacle I face is not having the cash on hand to do my first deal, and not having any private money connections as of yet.Also, from what I've read of Morris Invest here on BP, there seems to be not enough people with experience dealing with this company, or when I do read of people that have had experiences with Morris Invest, the reviews are mixed at best.Being brand new to all of this however, it seems going the turnkey route seems less complicated in the beginning than trying to reinvent the wheel and do everything myself, but that's just my opinion.Learning to analyze deals and the underlying math involved and understanding the terminology is going to take practice, but is the foundation to a successful REI career.

The few properties I've looked at so far have been single family and duplexes.When talking with a property owner is it best practice to offer your price first or get the property owner to set their initial asking price and negotiate from there?

This expectation is based on solid business practices.

But hoping to now be a part of this amazing community and learn and practice as much as I can to make a career out of real estate!

I may need to start the practice of selling off some smaller properties and going bigger to stay under the 10 if it is as hard as I've heard it can be after that watermark.

Sorry about that.Mindy, no, I wouldn't even consider another property in Louisville or Boulder unless someone was practically giving it away.  

Simultaneously figure out your niche or targeted demographic.

IMO the best way to use other folks returns is to look for best practices, what are people doing who are getting higher returns in 'your market'.

If the money is used for consumer purpose there are a boat load of disclosures, licenses and regulations you need to comply with.Also, what is the value of the collateral, if should be substantially more than the loan amount or you could become partially unsecured both as a practical matter and subject to cram down or lien stripping if borrower decides to file BK.Also, if you don't have a deed of trust to go with this note it's unsecured, it then becomes expensive toilet paper.Also, you should get the deed of trust insured with a ALTA lenders policy.Also, this may be a personal thing but I like monthly payments, not everything at the end.