Here is how that would work, comparing a Payoff to investing it:Invest the $60k       Year           Payoff$      0                    Starting      -$60,000 (You are stat at a negative of $60k with a payoff)$  7,200                 Year 1        -$48,800$14,400                 Year 2        -$38,600      $21,600                     3             -$28,400$28,800                     4             -$18,200$36,000                     5             -$  8,000$43,200                     6              $  2,200 (You are finally positive)Now it is usually somewhere between year 7-10 that the property is sold or refinanced due to CAPEX costs jumping in, and/or appreciation.$50,400                     7              $12,400$57,600                     8              $22,600$64,800                     9              $32,800$72,000                   10              $43,000Where would you rather be? 

Both of those were sold recently.

Get a list of sold comps, drive by them, study the figures and burn them into your mind. 

It felt like a huge pitching convention, and I left feeling sorry for the people who were sold on some of the programs being offered.

I was wondering if buying e.g. some land (value approx 25-30% of sold property) would allow me to lower / defer taxes?

Having sold the golden goose, I need to replace it with something.

but I like it.. this one the numbers are 160k for the lot bought 6 months ago for cash close when sold probably next 60 days profit about 200k.. net... yes I will have to pay tax .. but so what.

I closed on a nice 4 unit 40k under ARV (and the owner replaced all the furnaces) in November, I listed and sold another 4 unit to someone I had been calling for 2 years, and am in contract on another 4 unit.

Ask the seller to provide you with copy of all leases, Schedule E tax returns and bank statements to verify that the Actual / Economic occupancy is correct and True!. 

What type of property would be best:I'd say start small only because you are still young, so perhaps intern with a really awesome wholesaler in your area or find one that is exceptional somewhere in the country and be their virtual assistant (scrubbing their lists or doing online marketing for them] What banks would be best to get a loan from should I need one:I won't worry about the banks just yet, focus on building your foundations and in the process, you'll get a good lender while on the journey to successBusiness and real estate books/ebooks I should read:MUST buy a hard copy of Rich Dad Poor Dad & buy the CashFlow board game [find a friend of yours who likes a challenge and play the CashFlow game with them-they might be a potential partner in your business in the nearest future] Pitfalls/rookie mistakes beginners make:Make a ton of mistakes!