Hello I am new to investing and have been trying to learn as much as possible in the past year.My entire family knows of this and my in-laws came to me with an idea to "help" me and also would be helping them with a Real Estate deal.Back Story- My wife's grandmother passed away last year and the estate, two properties, are to be sold and the profits spread out among the 6 children.

@Scot HowatFirst, I will echo everyone's request for more details on this one including how you originally found the property.Second, to the point made by @Jeff S, you don't see enough stories like this on BP and it takes a lot of courage to admit to a loss for whatever reason.

I currently have seven single-family rentals in Kansas City (three are free & clear), and I own portions of two apartment complexes totaling 210 units in Arizona.

Hope to hear stories of many more successful flips/deals to come!!!

Simple answer is that you don't have any liability for what a tenant gets up to in their home, or at least very little.There are lots of scare stories about forfeiture and all that, but you have to be caught out quite a few times, and known to the cops yourself in the first place. 

Knowing and hearing all the horror stories I realize there are alway way more expenses than you ever expect, so therefore we plan to collect $80k for every property, so we would haven about $30-40k left over for safety margin in which we can use for initial remodeling if needed, and any unexpected expenses that may come up.

For whatever reason, this has relit that fire, and I am looking forward to getting back at it.Anyway, that’s my story.

So, I guess you could say that it was all because of that first purchase.I don't know if my story is interesting to you.

We have baby-steped ourself from one house to seven in less than 4 years! 

We’ve got stories of successes and failures, flippers and landlords, and our guests range from first time investing newbies to moguls with Real Estate empires worth hundreds of millions of dollars.Read The Ultimate Beginner’s Guide to Real Estate Investing - The name says it all.