Connect with others in your area and study the listings and the markets in the area you want to buy.  

Of course there are classes you can take to pass but your time will be best spent studying the R.E investing strategies.

I've looked into it for live music and recording purposes.If you do figure out workable situation, let me know.

:violin: My type of music!

If you want to be in the rental property business, you first need to study the business.

It would not sell for too much more than that today, maybe $5-10K, based on what I have studied about the area.

Once a borrower becomes delinquent on his or her mortgage, that person develops a negative attitude not only about paying the mortgage and his or her general finances, but also about the whole idea of homeownership — significantly more negative than homeowners who are underwater on their mortgages, but are still current in their payments.That’s according to a Fannie Mae study released this week.http://www.marketwatch.com/story/what-delinquent-borrowers-are-thinking-2012-06-15What do you think?

I hope you got an inspection contingency clause put into the P&S agreement as you could still back out if more problems come up in the inspectionNow the cash-out refi could work but that would require you to rent out the property for at least 6 months and pay closing costs again and now that the home is worth more you would have to make sure you will cash flow because everything from the taxes to the mortgage payment will be more per monthWith this being said the profit is there if everything with the comps are correct so I would say if you feel comfortable with it to go with that route.I also now am seeing this is a 3-month-old post so if it is going well then congrats if not then you will get'em next time (hopefully not losing money in the process) but if you didn't do the deal out of fear then I would say hit the books again (aka laptop) and get to studying and learning about all of your fears to see if more knowledge can combat those fearsHope this helps, good luck :)

We were able to bonus depreciate $40,000 through a cost segregation study which I planned to use to offset some of my tax federal taxes of $40,000.

Cost Segregation Study: A cost segregation study is a strategic tax planning tool that separates the assets that have a shorter useful life.