You will make good contacts in your area and you will inevitably learn quite a lot from your investors.

Quite a few that were built within the last five years and often are close to new inside.

Looks like you've got quite a few people on the wagon.

You have to spend quite a bit of time in the market.5. ...and on and on and on.This may seem overwhelming, but it's something you can do.

My RE Attorneys bills are quite alot, so I have to figure out what exactly to ask.Thanks for the input!

There are tons of people here willing to help.Sorry that I can't help with contacts in your area, but I'm sure there are quite a few here.Lastly, just wanted to say Welcome to BiggerPockets!!!

But I have along ways to go until I can get started, so I was thinking since I hate my job would it be smart to quit the stupid job and create my own business that has to do with painting houses?

You can do 'in-season use' during the week, and not give up much income either, as weekends are always more popular anyway, you pick which days your unit is 'off the market' and they just make your unit 'booked' in their hotel system those days.2% rule is so far away I'm ashamed to ask about it.Cost: 195,000Annual Costs:Taxes 1633Gross Rents 2012: 24,300Annual Condo Fee: 6000Pay 22% to the front desk: 5400Pay maid fee for booked nights: 2000Pay parking fee for booked nights: 1050Electric: 1200Netting: ~7200/year or $600/month for P+Iso... to get to cashflow neutral ASSUMING NO ADDITIONAL REPAIRS(which is quite a bad assumption).

If they quit paying you the following questions become relavent:Is NC a "trust-deed", state or a judicial foreclosure state?

If the job market here stays strong over the next two to three years Austin/suburbs should finally see some decent appreciation.Some of the neighborhoods I "fish" in have seen quite a few sales to Californians so while 1/3 may be strong there is definitely some evidence that the speculators have arrived.