Reading through tips, stories and listening to BP podcast have been very energizing, and I'm now ready to get my feet wet with a first investment.A bit of background on myself: I'm an engineer by training, and have worked in consulting over the past 7 years.

Consult with your real estate attorney.

When I do consulting work I bill out at $1,000/hour.

Total ROI on many leveraged rental units exceed 30%:15%+ Cash on cash return 10%+ appreciation (leveraged asset)3-5%+ loan pay down X% tax deductions On the last point, and to your question, your best bet is to consult with a tax specialist.

I have consulted numerous real estate attorneys here in Dallas who have stated that wholesaling here, when done properly, is not itself illegal.

Always consult with your attorney before you rely on the above information.

This is why you will often read on BP where sophisticated investors tell new investors to consult with an attorney AND an accountant first.

I did not have anyone to consult me, so I read every book i could find and I had signed up for a guru coach for a year, which was expensive and did not really help me.

May be worth consulting a CPA if you are unsure.

many people suggest an attorney, that is a seemingness waste of moneybeing a landlord, you are already strapped for cash. i Refuse to pay 350.00 for a consultation with a lawyer, when an educational forum almost provides the same thing!