If you lose a deal, oh well, life goes on.....

Many people waste years, in no thousands of dollars, before coming to this realization.There is still a roll for you to play, even if you're not "passionate about real estate".Think of it like a live professional sporting event...There are players on the field, fans in the stands and vendors (usually selling fan gear) inside and outside the stadium or arena.Everyone has a part to play, and when it goes well, everyone has a great time.The folks on the field are the ones who should be on the field.

Just double check all those numbers... you win or lose when you buy!

Geez, would a law professor be responsible for an attorney losing a case?

@Bryan Hancock  Also I defiantly think this regional as well.1 million in certain markets for low value asset players can go a long way.in our markets here in Oregon and yours in Austin that's one house maybe 2 .. at least new build specs.and in most of the bay area or better parts of LA its one if your lucky  Same with high dollar east coast or north side Chicago etc.

If those miles between home and job site are not considered business mileage I am going to lose a lot of business mileage deductions.

Now that I will be renting it out, and renting a place for myself somewhere else, how will the taxes play out, will I lose all the tax incentives from the mortgage?

I got my License in 2006, worked in the Default side of things, from my observation in the Fox Valley area (where i worked till November of 2014) values have not yet fully recovered to pre crash insanity numbers, we didnt lose sharply but are not returning quick either, while right now, activity is high, prices are not yet following, we are still down a good 10% I dont see that coming back any time soon, nor should it, prices were hyper inflated in 06/07' but who knows, with more buyers in the market that could change. 

The property is in foreclosure, but the home owner is still interested in trying to salvage whats left of their credit & not lose the property.

So if you have one blanket loan for all of your properties, you lose some control.