However unlike many rehabbers I have the capital to put into longer term investments.The third reason is once again if I deal locally it's possible I can get a face to face meeting with the borrower to see what their needs and issues are.

Remember: Its just business and nothing personal.

I want to figure out a win-win way to buy the house from my stepfather, remember I have no money, so that I can use the equity in that house and leverage it to buy other investment properties.

Tyler Bond, Welcome, I remember being exactly your age and going through the same thoughts in my mind.

I remember myself sitting on the hood of my 1978 maroon Dodge Diplomat as a high school senior talking to my best friend about what’s to come.

However, after a rental period, there can be depreciation on the home (I believe it's 5% per year for a max of 50% in most localities at least around here...if I remember correctly) and therefore you can offer that lower balloon amount.

I can't remember if it was GE or Whirlpool.

There's several BP members in all areas of southern California, and I think I remember someone from your area specifically.

Before purchasing an income property, pay careful attention to the financial statements and remember to factor in a property manager which will charge between 8 - 10%.If you are close to retirement, I may consider investing in a duplex where you can move to when you are ready.

Remember, everybody starts someplace!