For me, the number one rule in Real Estate is to...Enjoy yourself!

Not to be harsh, but I had to learn this business rule the hard way.

When I teach individual Financial Management, one of my first rules is, "Never go into debt on a non-appreciating asset".

Each hard money lender has their own rules, you must talk to your hard money lender(s)

Don't rule out those options.

I wanted to start do short sales in NYC and then sell the properties to investors but I am still a little confused about the rules.

Is this just a rule of thumb?

I would check for everything like the fees you will be responsible and what freebies they give you...also find out how much freedom you have to market yourself - some brokers won't allow you to have a personal site without too many rules to make it useful for example...also check how many agents you will be in direct competition with, what training they provide...all those things make a big difference!

Here's my rules of engagement for my business ventures whether for profit or for public service and this one will be for both.

As a general rule, a property that cost you $185K and that rents for $1400 will be a significant money loser.