I would recommend having a solid grasp of the pros and cons of each, also drive some neighborhoods and get a feel for the area.Also, management plays an issue in your question. 

Depends on the contractor...I have some very good subcontractors whose first language is clearly not English (And before you go assuming anything, for some of them it isn't Spanish either.) ... for them I have some mercy on their language abilities if they seem otherwise capable.If the first language IS English, and the grasp is not good, I get a bit concerned.

If you get a firm grasp of those things I think you'll be ok.

Of course this requires some knowledge, a great contractor, a strong grasp of ARV, an ability to put money in or find private capital and prices that stay where they are or keep going up4) Invest in a market that is a few hours away so you can drive there and do the same as step 2 but with a little less risk becasuse you can go there quickly if need be. 

Just let the existing tenants who are current on their rent go M2M, until you get a better grasp of the market rent for your units.Assuming you do go through with it because it sounds like such a good deal, please post updates I'm very curious how this turns out.

His grasp of economics is way over my head :) One more thing.  

Do some searching on here, get a couple books, read and research these types of things and get a grasp on what you are about to do etc etc.

After reading online for the past couple months along with reading half a dozen beginner type REIng books, I think I want to get involved persuing real estate as a means of trying to grasp some piece of mind in terms of having financial security down the road.I'm very interested right now in wholesaling, rehab, and short sales.

You need to meet other investors in order to be a successful wholesaler.Once you have a good grasp of what it takes to flip a house or rent it out, then spend your money on marketing.

LOLOk, so the non-recourse "may" not be in my grasp.