While we have the exact property address and name of the seller, we don't mention this on the call because some people get freaked out when you spill all of that on the phone.

Account ClosedI actually have a very different experience and recommendation than the main stream RE Investors.I am a big proponent of being the best at what you are trained to do as an Employee at first.Once you do that, you will be in the top 10% salary of your profession.In my case, I was being paid around $200k around the year 2000 as a Computer Programmer working on mission critical Financial Software.No need to throw away what you studied for all these years, acquired a great deal of skills and also advanced certifications or degrees.Plumbers, Electricians, Computer Programmers (in my case), Janitors, Dancers, it doesn't matter.

Ive been wanting to get into REI for awhile (which ya'll have heard a billion times), but am now being almost handed an opportunity on a silver platter...My parents have been trying to sell their house for almost a year, with two deals that fell through, and a steady stream of offers from would-be rehabers.

Personally, I'd wait to remodel until right before sale so you can advertise it as newly done and also potentially save yourself the headache of repairing when tenant ruins the cabinet drawers (makeup stains, hot curling iron burns, even had spilled cleaners that sat and damaged inside cabinets).  

If you buy a 4 family and can double the rent, and therefore double the income, even if the area declines 10-20%, you are still in a good place with both cashflow and appreciation as a buyer will likely value your income stream a lot more than half the income.For me, general signs that an area is going to appreciate: coffee shop is in neighborhood and busy with a bunch of hipsters. 

Folks that play in property tend to be successful (more wealthy) and have a stream of "income" that is part CapGain and part taken against depreciation, ie., avoid a lot of taxes.If your company has a match, put in the needed amount. 

I think that will prove to be a steady stream of revenue for people willing to invest.

While my main goal is to buy and hold SFR's or small multi-units to set myself up for retirement, I plan on using other income generating techniques like flipping and wholesaling for multiple streams of income.

A cap rate is a tool to help one capitalize an income stream.

Perhaps we;'ll get a gentle stream of replies over time.Thanks for your post, Jay!