As a wholesaler it is important to be as accurate as possible when it comes to estimating repairs to gain trust, but with that said, you never know what extra things a rehabber might do to the house, so only estimate generally.

BTW - Gloating about oil gains is not the way to make friends in this economy.

Setting up an entity is recommended, particularly if you have multiple properties and are operating a business, not just one passive income investment.

I took a week and wrote out a detailed business plan based on the knowledge I gained from the NRU classes and my past experiences.

But, here's some advice for what to do to help you gain knowledge.Drive around the neighborhoods that you think YOU would like to live.

The big question would be do you want to be Active in investing or do you want a passive investment.What many call real estate investing is really just a high paying Job.

I'd suggest you read through the archives and gain enough basic knowledge as to be able to ask a meaningful question.

As I gain knowledge, I'm sure that percentage will climb.I look forward to interacting with you and others on this site.

Passive income such as rental income from a landlording business, is taxed at lower rates.

My primary goals are to find a way to start investing in multi-family residential properties, and eventually gaining enough savvy and sophistication for commercial real estate deals.Some things I've been considering include, forming an LLC, as I do have other people who want to invest along with me.