There is always a second shoe that drops or the second hit that comes with a downturn and I think this must be forthcoming.

Proving they are "living there" is kinda tough.We look for the following indicators and notate each either in their file or via letter to the tenants:Extra vehiclesSeeing boyfriend without tenantIf you're in the unit, boyfriend there without the tenant (note: we usually make them leave with us and we lock them out)Boyfriend calls or comes to your office for anythingCheck unit for 2 toothbrushes and extra shoes.

Especially with your income compared to the potential losses you will incur at some point - and you will incur losses, it's just a matter of when and how big - that's part of the fun of learning.If I were in your shoes (and I do have some similarities, being 23 and having just bought my first place outside of LA for $425k last year,) I would take a far smaller amount of your $550k and take a bold-but-smaller-step.

@Jason SchatzFor want of a nail the shoe was lost.For want of a shoe the horse was lost.For want of a horse the rider was lost.For want of a rider the message was lost.For want of a message the battle was lost.For want of a battle the kingdom was lost.And all for the want of a horseshoe nail.Set your system to not accept partial if possible.

We take off our shoes before we enter people's houses.

His story was that Yesterday he had no shoes and some good samaritan offered to buy him shoes and he accepted, but he no longer liked them so he was collecting funds to buy new shoes, he just needed 29 bucks.

In your shoes I would read the forum on Real Estate Wholesaling in addition there is a whole section of the site called wholesaling blogs.

However, put yourself in the lender's shoes. 

I was in your shoes.

But how do you showcase your deals on this site?