Lack of experience can be overcome by bringing on experienced members onto your team.

All gurus give some bad advice or at the very least advice that lacks the big picture explaining the pitfalls and the forks in the road ahead.

Wholesalers can be a tricky bunch that may sometimes lack integrity or experience, just make sure you double check their comps, ARV, and projected rehab.

That said, if you're finding that there are great deals that you're only missing out on because of lack of available capital, then diverting might be a good way to go, but I would personally try to maintain that 10% as a minimum and more slowly build up that capital (see what other areas of your spending can be cut / trimmed?)

@Ronald Jones   well now you don't spin your wells.. and you firm up where your lacking

At the moment my interest in Real Estate is high due to the lack of over all knowledge/experience I have in the field.

That way they're comparing Apples to Apples.Put your Declaration page on here, maybe someone will get it lower for you.$2400/year does seem high, unless you've had Claims.

Buildings were built in 1992, most of the rehab is 100% cosmetic and lack of maintenance and management.

Well, for me, the biggest problem I had was the lack of Real Estate lingo and an insufficient foundation of Real Estate knowledge.

As long as the applicant provides other proof of identification you can't reject them based on lack of social security number alone.As for background checks, many of the online services don't need an SSN.