I too would be reluctant to invest in Silver Lake.As Anthony mentioned, I would target three- to four-unit properties because: a) 5 units and up is considered multifamily housing and therefore requires commercial financing (less likely to be an issue for you given your financial position); b) usually have less competition from real estate investors; c) tend to cash flow more than duplexes; and d) allow you to get your feet wet, especially as an out of state investor.

If you spend the extra money up front on a licensed, reputable plumber to handle plumbing matters, you won't have a busted pipe, wet drywall, an annoyed tenant, and an exorbitant repair bill.

Hi guys,Long time lurker here looking to get his feet wet in the world of Real Estate.

I know there are numerous factors, but I'm trying to avoid "analysis paralysis" by overwhelming myself with all of the angles.

You don't need a license to flip or to own, however if you are serious about flipping, there are numerous advantages to having a license, It doesn't take much,just about 40-75 hours, depending on which state, I would highly recommend it. 

Given the high prices here, my goal is to start with a SFH or even a condo or townhouse just to get my feet wet.

I get numerous complaints from my "good" tenants, complaining about Joe.

After I learned the in and out's of wholesaling, I jumped in with both feet, still wet behind the ears though.

We will drop you like a wet sock. 

I got out bid numerous times and many multiple offers I lost on.