I believe that by learning to successfully wholesale, I will be actively learning how to find the best deals.

Long-term plan is still under development.I hope to become active on Bigger Pockets for several reasons. 1.I really enjoy the Pod casts and would very much like to connect with other investors2.Expanding my knowledge is a must.

Real estate wins hands down, at least for creative active investors.

I don't believe being an agent that actively sells houses helps your investing much.

I'll probably let the management company handle some because of the distance (property is four hours away) but I hope to take on as much as I think I can handle in one weekend.

If you are eating beans everyday and have nothing to spare, get a position or work that pays better first, RE is not an immediate income producing activity that can be entered into without a dime in your pocket.

The system is linked with the NYPD to verify any criminal activity or fines that may hinder us getting those licenses or when something occurs on the job, they'll know whom they're coming after. :-) Every job must be bonded or in a Home Trust escrow through the Dept. of Consumer Affairs.

Capital and equipment.If the gross receipts and profits come from items 2 and 3, then that should not be associated with the shareholder-employees personal services and not be allocated as compensation.On the other hand, if most of the gross receipts and profits are associated with the shareholders personal services, then most of the profit distribution should be allocated as compensation.It seems to me that if you use a S-corp, pay yourself only a small salary, and are very actively involved in your flips, the IRS can step in and reclassify most of your pass-through as wages.

Hey Perry - Good questions and it looks like you are getting active on the site.

If there's a fire over the weekend, is the seller responsible for repairs since he technically still owned the house?