For investors, making informed purchasing decisions and gaining a deep understanding of the market is essential though.

Start by learning the real estate basics, study the market, set your goals, get a team of experts, make friends in the field, look into how to pay for it, begin small then grow, do deep checks, and go for it.

Just watch what tree you bark up, you could get the wrong dog.The cash balance you hold is great to hear, but how deep are you?

(Yes I know there are other restrictions/conditions.)In the past, I have toyed with the idea of a vacation/rental property in Ocean City, MD, Rehoboth/Bethany/Dewy, DE, and/or the Deep Creek Lake, MD area (I like the idea of being within 3 hours of the rental property in case something goes horrible wrong and I need to travel to the property). 

Usually you can get a deep discount at a foreclosure auction. 

Don't be so harsh on that CPA :). 1031 is a narrow deep niche that only nerds like me delve in.   

Normally, I do not establish LLCs until I have the property under contract and I am deep into the closing process.Regarding if you need a LLC, it all depends on your risk tolerance.

I am trying to not throw a ton of cash into the fees as I’m already about 12-20k deep in.

@Miguel Suarez We’re so committed to the Metro Detroit area, we created a "Deep Dive" series here on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider: https://www.biggerpockets.com/member-blogs/3094/99854-deep-dive-into-metro-detroit-cities-ecorse We're not aware of any other property manager, agent, turnkey provider, flipper or wholesaler that's made the commitment to do this!

Quote from @Engelo Rumora: Quote from @Michael Smythe: @Sunny Karen let's do a deep dive on this property listed as sold on their website:15095 SORRENTO ST, DETROIT, MI 48227if you do some searching on Zillow, the property does NOT show as sold and the last listing is from 03/17/2020.