Second GC undid all the work and started from scratch.

Google "skip tracing" and hire a virtual assistant or call center to start dialing any property that last transacted for under a certain price point.

It's great that you're getting started Ka! 

One year also helps you maintain a schedule for inspections, rent increases, preventative maintenance, etc.If your lease doesn't have an early termination penalty, then the only thing you can do is start marketing and find a replacement tenant.

Most often the terms specify that distributions are first paid to satisfy the preferred return and second they are paid to return capital, so the capital account would look like this:$100,000 starting balance$8,000 preferred return accrual($8,000) preferred return distribution$100,000 ending balanceIn year two, there is another $8,000 due, etc.But partnership agreements can be written however the parties agree, so the rules could be different and that would result in entirely different calculations and results.

Think of all the potential victims we could save./s

If not, you said it great, ignorance will only go so far before it all comes crashing down.We need to know our business by working IN it, once we do that we can starting working ON it. 

For anyone who started out on Biggerpockets and still doing real estate, how has BiggerPockets helped you? 

Most sales agents are required to start working buyer leads when first licensed.

We started taking the Houston phone book which was huge and by category and just flip pages and put our finger down without looking for a selection.