I'd have to micro manage and keep an extremely close eye on any work that was being done.

If you have nothing to bring to the table, you're left with no option but to beg and grovel for help, and the only people you'll attract are bottom feeding slugs who want to use your doe-eyed admiration to make them feel better about themselves.SO... the first question you have to ask yourself is, What do you have to bring to the table?

for those of you rolling your eyes at me at home, I get it).  

Your sale price needs to be near market value, your financing doesn't add value to a property.Consider fixing and flipping if there is room, if not, all you are doing is taking the same problem your seller has, 2 years is a blink of the eye and you won't be getting 10 or 20% equity established without cash in. 

Thanks everybody for your your insight.We alreasy have our eyes on the next one, just no money, need to figure that out.

You sound like your eyes are wide open.If the back in nearby the house, your collection method could be a winner.

For much of this year, I've had my eye on picking up a property or two from an elderly woman who has several properties that have sat vacant for years. 

TWO  is the lender local can you eye ball them and do they have a brick and motor office.THREE did they approve you over the phone or internet and just need you to send in 200 to 500 dollars for due diligence fee.. and once they have that they will move to closing.If the answer is its your first flip,,,,, and lender is not local just hit you on the internet or on BP somewhere,And they want ANY kind of up front fee... other than paying for a third party appraisal and a modest credit check fee.. ( just like qualifiy for a rental).. then chances are they are not going to close and you will lose whatever money you give them.

I do plan on keeping my current job while I get started.I'm currently reading the Bigger Pockets tax strategy book and it is very eye-opening and informative but I do have a question about how income from rent is taxed.

I totally took my eye off this project and it is costing, can anyone lend any advice?