Hi all, I am looking to identify the top U.S. residential markets in terms of sales volume and transaction number at a level that is more in depth than "northeast" "northwest" (cities, counties, states, etc).

REO is a term that loosely identifies foreclosed property that is owned by the 'bank' or in other words a house that was foreclosed on.  

I guess my question is since I have identified a property I like, and run the preliminary numbers, what is the next step?

I have been thinking of different ways to fund my deal, and an opportunity I have identified is the equity in my dad's home in southern CA.

If the seller constructed the units on your property, then I assume some sort of building plans would have to have been submitted to the appropriate authorities in the city, and in that case you should try to examine the building plans to see if the plans for connecting the sanitary waste were followed.One investor I know is considering adding video camera inspection of sewer lines to his normal routine pre-purchase inspections, so that he can identify in advance a big ticket problem for just a few hundred dollars up front.

Develop the skills to identify good buys on a consistent basis. 2.

It helps that I always work for minimal overlays firms (specifically for this type of deal-saving added flexibility) and I identified the solution, but the agent got to be the hero in the eyes of the homebuyers too, for marketing the property, finding that tenant, and getting that security deposit so quickly.

A useful techniqque IMO is to identify each instance of "operating agreement" in the Act.

I also have the great fortune to be located smack dab in the middle of an area that is in the early, but identifiable, stages of gentrification.

@Lance WoolvertonWelcome to BP nation.You've come to the right place for REI education and networking.There's a tremendous amount of opportunity here if you will take the time to learn and then put that knowledge to good use.The biggest asset you have going for you is your age and willingness to start now.Take advantage of that situation by learning what values are in your market and being able to confidently identify a good deals.You should know your market backwards and forwards before risking your money.You should explore if you are cut out to be a landlord.It's not for everyone.You need a certain personality to be successful at that strategy.As far as utilizing your home equity to assist in doing deals.You may have about $40K in equity if I understood your situation correctly.That's a start but you need to have other debt paid down and cash reserves for rentals.Bankers like to see your capacity and ability to pay down debt to extend credit.In short educate yourself and gauge your spouses willingness to support and possibly assist you in this endeavor.It's a lot easier if the spouse is on board.I'm in Owensboro,if you want to meet up sometime let me know.Ohio Valley Real Estate Investors meetup is in Newburgh IN the second Tuesday of the month at Turoni's Pizza, if interested.Good luck