For example, if the seller is an individual taxpayer that is in a lower tax bracket and is well past the age of 50, then these options may not be something worth exploring but I mention them solely because, it seems that lately I have seen tax attorneys become extremely creative, within, of course, the letter of the law.Finally, I apologize for any type a graphical or grammatical mistakes as I am dictating this in my cell phone.because I'm not near my laptop 

Just the fact that you're here means you won't make the mistakes I did when I was looking for my first properties.I am a big fan of Gary Keller's books (HOLD and Millionaire Real Estate Investor are great reads), not to take away from any of the others mentioned already.

Also a great place to learn about other peoples mistakes and how to avoid them.

there may be an explanation, it may be a good one, like a permitted addition that you can verify and maybe the appraisal made a mistake..The response may be so-so, like an unpermitted addition that you could get permitted, this may get complicated.

There were other deals I had on radar that actually had good numbers, perhaps better, but I did not want to move into them, so the exit strategy was compromised, and I'm not a pro, so I need the back up plan to allow for mistakes and oversights.       

Even if you made a mistake (small one), you still have more time to correct it instead of waiting.

What's some of the mistakes you made that you won't do on #2?

Hi @Pete Ackers - hey don't worry, it's natural to want to tell everyone you're new to real estate - I'm guessing (like most of us in our early days) you're trying to prepare your seller for a situation where you may make a mistake or do something wrong! 

What is the reason for title insurance if they make you sign for liability on any of their mistakes?  

As a new investor I was planning on taking property acquisition slow to learn the ropes and allow me time to learn from mistakes.