There is a big caveat to that though, which is that (1) I haven't entered into any LPs myself, and (2) the clients I work with are large real estate investors not using conventional bank financing.However, I did make loans to LPs as a bank officer prior to practicing law.

I know my understanding of investing has been greatly expanded through getting to know the individuals mentioned above.

We haven't made any concrete decisions about where we want to establish a team out of state but Memphis, Oklahoma City and Kansas City have stood out as early front runners.We're excited to learn, excited to be here, excited to meet other like-minded individuals, excited to build relationships and most importantly, excited to keep taking action to start reaching our goal of breaking my 'golden handcuffs' and reaching financial freedom!

If you have construction knowledge, that may be a plus for a value-add deal.Without any capital or experience, it is going to be hard to lock up a property, so my advice is to partner with someone.We do this occasionally with talented individuals who want to add value to the sponsorship.

I think you'll have a hard time buying properties in Phoenix using the rules of thumb most people tout here, especially a straight 50% expense ratio across the board without individualizing it like Wes mentioned

Anyway, I personally don't provide anything for air-conditioning but in winter, I have purchased few portable heaters.I also have developed very good relationship with individual HVAC contractors who take care of me any time of the day or night.

Private loans from individuals

I do agree with you, anything an inexperienced individual like myself can find on Zillow is probably still on market for a reason.

I am trying to purchase a property that has 7 units, one of which is a 4BR, with 4 individual leases.That is fine for now, but my property management says that they will not place a  new tenant in that unit because of liability.So my question is what are my options on this when one of those tenants moves out?

A colleague of mine and I are considering entering into an equity partnership.