In regard to the second one, some sellers want to be there, some sellers want to field the calls for showings, some sellers can't stay out of the business and don't think their agent is ever doing enough.If you got your license to invest and you have two sets of owners desperate to sell, the question is: did you acquire both of these properties at a price that works for you and solves the owner's problems?

Renting rooms out of a home I live in for more than 30 days - if I buy the home vacant, can I set the rents to market prices?

Well you definitely sound like you will have a good skill set to get started.

Here are some good places to start:http://www.biggerpockets.com/meet - find and connect with other BP members that are in your area.http://www.biggerpockets.com/alerts - Set up keyword alerts to be notified of the topics that interest you.And, of course thehttp://www.biggerpockets.com/forums - ask any question about real estate!

HI I purchased a home in a multi unit (R4), high density zone.I am currently renting the house cash flow is just $50 after mortgage payment.This house has a big workshop in the back with a high rise ceiling, brand new roof, electricity and water.It sets in a half an acre lot so I am able to rent the workshop and land for $700 a month Total cash flow on this property is $750 a monthI'd like to enclosed this workshop (it has 3 brick walls already built) and make it into a livable place.I can still rent the land and keep the cash flow at about the same amount ($700).However there's no sewer  at this house just 2 septic tanks attached to the main house.Workshop will need:windowsanother walldoorscooling and heating systemBathroom etc...I can build build more units attached to the current workshop since there's so much land to play with but i have no idea of the cost.I purchased this home for $150k in 2016I owe 143Klast month I paid for an appraisal and the current value is at $185(flooring was the only improvement at the house).Question is should I refinance and bring in sewer line, build more units or live it the way it is?

The follow up is how it was set up in the rental agreement and what else is needed ongoing.

4) What is the best, user/budget-friendly website, that can help me set-up the correct business entity to do this type of business?

Hey Will,I am in in N.C. but the deposit amount that auction.com requires for pre-foreclosure properties are set by the state.

I think Millenials, my generation, have a different mind-set when it comes to a lot of things, including investing.  

There is nothing set aside as a cushion for when life happens.