So I know people who are wealthy that only do retail and they couldn't tell you anything about another asset class.Their level of knowledge is so high in that one field that they can make money and returns in any market and know the cycle hitting way before anyone else.During the boom times some companies ventured out into un-chartered territory and got burned pretty bad.

Is this a DIY job, with this kind of exposed wiring, or should I just pay an electrician to come and put the new fans in?

Property 1 ARV $54K (lowend) Property 2 ARV $65K (lowend) ---- Combined repairs $12K (DIY).

I do have a question John and the others what is the best way to get capital (because banks will not loan) I have been trying for the past six months can anyone point me in the right direction this is the first site that I came across where people know the real estate venture.

Although I share some of the concerns for you starting out in such a rough and time consuming venture---darn impressive and ambitious!!

If I find someone willing to buy it and I can make some money I'd then sell and just continue to the rent, pocket the cash and start a business venture thereafter.

That was barely 2 months after buying my own residence which needed a ton of repairs also, you could only imagine the hoopla I went thru with family for venturing in too many directions at once.

lalana, my advice would be to start small...i started with single family homes..only recently have i looked to expand into larger multifamilies...still haven't ventured to traditional commerical tenants and offices though..i prefer apartments bc someone will always need a place to live...commerical is a while different ball game

However, depreciation decreases your basis and increases your gain when you sell.When you convert your personal residence to a rental, you can start taking depreciation.This is not, IMHO, a DIY project.

We have a full staff, leasing agents, office staff, maintenance manager, and service techs and i have a partner in our venture, but i would bet you that in 8 years i have had less than 5 days where i truly could "turn it off".