Rent it at a first come-first served basis.

See.. you learn something new everyday on BP!

A shame though because I drive those areas every day for work.

So on this basis it looks like a 'flip' is the most obvious means of starting out.

I have a piece of property in California that has around 3600+ acre feet of water rights (have had it for about 10 years, but just "discovered" the water rights)...I would like to sell all or a portion of the rights on an annual basis, or lease the property (13+ acres) including the rights.Hoping for some leads on how to go about this, where can I list the rights for sale, how to ascertain the value, etc...The property also has mineral rights (patented gold mine) any advice on leasing the mineral rights would be welcome as well...I'd also look into a partnership, etc...to start making some cash flow with this property.Thank you!

The only way I would consider doing so is if there were an item that save me close to a grand from everyday prices.

The repairs/improvements in order to GET it "rent ready" are NOT deductible in 2013, they get amortized, added to the price/basis in the property.

Ill start by saying I have 0 deals completed.Anyway I don't even know how but I'm guessing through word of mouth through a family member a couple in their late 40s contacted me and asked if Id like to buy their house.Keep in mind I haven't done any marketing and wasn't expecting a call like that.So just winging it I guess I asked her a little about it.They just bought it November of last year for $85k with a 30yr VA @ 4.3%( I think I heard it right)Said her husband is on disability and her company sold her along with one of its divisions which is an hour commute everyday.

Do you keep the existing basis?

Thanks for taking the time to properly introduce yourself.I'd say you definitely have good resources with the two people you know, but even better, you're now a part of the BP community :) There's tens of thousands of members that are directly involved in real estate investing everyday helping each other.I noticed you were looking into properties of 4-10 units.