The prospective buyer is responsible for all closing costs, search, survey, including those of the seller.

In my market you basically weed out 90% of the prospective tenants this way which is fine with me.

If I get busy and I have a prospect contact me looking for good deal is Kansas City, I am less likely to jump at answering that prospect right away and focus on the ones that have defined goals or interests.

I firmly believe in nailing down all controllable risks, within reason.

The next path that I am on is to locate mentors while I prospect for deals, killing two birds with one stone.  

You should shop some of the larger national real estate brokerage firms as they usually have the best formal training and support staff.

Just to summarize, Direct Investment Alternatives: Go out-of-this-market:TK properties with a reputable firm (e.g., mid-west) If I stay in this market, go the less-trodden pathFind a "fixer" and put some "sweat equity" into the home to increase rents or possibly even flip the thing Indirect Investment Alternatives: Real Estate Investment Trusts Become a hard-money lender Possibly buy-up mortgage notes @Mike S. and @Ali Boone : Since you guys are SoCal residents, have you guys given any thoughts to markets outside of LA/OC?

., you need to know the pay-off on the mortgage, if there are unpaid/late taxes, etc. 3) Set appointments on good prospects, then do all the research before we go out - comps, title search, calculating ARV. 4) Fill out the contract with the info we know. 5) Go see the property, talk to the owner, calculate repair estimate.

We changed accountants several years ago to a firm that specializes in mobile home parks and it made quite a big difference for us, financially.

I plan on doing this 10,20,30,40 years from now.Specifically on the residential side it goes something like this.First 3 years in the business 80% prospecting and 20% existing business because sphere is very small.