It is not impossible but it is definitely not quick and you need considerable time to stay on top of things.

@Julie Hill What option(s) you decide to take will be dependent on: Balance sheet  - how many $ are you willing to invest, how quickly and for how long;Time commitment;Risk/return expectations - newbie investor only look @ returns, whereas they should be focusing on understanding riskLiquidity and risk tolerance - closely linked with the earlier point on risk/return expectations.I would focus on picking a niche and taking a deep-dive.

You will never find 2% rule in hawaii, its more like .5% unless you are looking at vacation rentals.  50% rule is again a guideline for quick analysis, when you actually start crunching the numbers this rule goes out the window.  70% rule is for after repair value, not what a fixer upper is listed for. 

He was quick to get it under contract within hours of listing sending his realtor to look at it and send him video (out of state investor) just to get it off the market but now he is taking his sweet time at my expense with listing time on the MLS since it's marked pending and NO ONE comes to look at a pending house.

Started out as a residential agent but quickly realized that while doing very well at it I didn't enjoy it. 

I have seen others do LLC early because their projections and plans for growth were very quick and it didn't make sense to switch everything within less than 1 year.

Once you've come up with a specific measure that you like, understand and meets your goals, you can quickly do an analysis of a property to decide if it's worth digging in deeper.

I got a wife and 2 kids, I don't think that gamble is for me... thanks for the quick reply 

Does anyone know of a company (or individual) who would do otherwise for a great deal and someone who has great credit and which would be repaid very quickly??

I know most of the time they look at the security rather than the individual, but if you built rapport with loan officers or liquid individual (for lack of a better term) can you attain cash quickly this way?