Or does there need to actually be "cash" equal to the amount of the property purchase price in a checking account in which I control?

Michael,I think you certainly have an advantage as contractor to not only understand costs of rehab and managing properties, but also the ability to control them and keep them rather low.

A great Investing Agent will do everything in their power to locate them, and gain control over that interest in some fashion or another.  

Yes he can create a limited partnership and give the main interest to his son and still remain in control of the  property so when he sells the property he will only get taxed on the percentage that he owns.

You're in control!

Remember you don't have to own a property to control it.Download BP’s newest book here some good due diligence in Chapter 10.

Great numbers and job done.it indeed is the investor that has control over risk

Other motivated sellers are in bad situations because of cirmcumstances either beyond their control or unwise decisions they've made.  

A pro of the FSBO would be that you could control whom you got in as a tenant while performing a thorough screening process. 

Realizing the opportunity there is in real estate I'm excited to start down this path and take control of my financial future.