Agreed, having at least some cash on hand at all times is a great idea.

Sometimes realtors have creative ideas of their own about how they are willing to structure their commissions.  

Comparing maps is a great idea!

Someone brand new to this site should start listening to the podcasts, subscribe to the newsletter, and start reading through The Ultimate Beginner's Guide  https://www.biggerpockets.com/real-estate-investin...You'll get lots more actionable tip ideas once you start going through those resources. 

But perhaps it is the thoughts and experience that matters the most; and maybe more so to hear the feedback or new ideas... or maybe just simply hear the voices outside the one in my head.I hope this is the right section to post this under, and I sure hope BP is the right place to finally share my story:=============================================================2008: While at UT Austin, the world crashed and burned.

Practice doing some estimates before you make an offer.  

The tenants and I have kicked around the idea of selling the home to them however recently they said they are not interested in buying.

(It's actually a property that I've eyed for a couple years, just daydreaming, & reached out to the owner llc during that time but never heard back). tl;dr My idea so far to purchase would be a short term 12-16 month hard money loan, 80% purchase w/ 100% renovation, with private money coming in to fund the 20% & points, refi'ing into a conventional note with my local lender who I have a decent relationship with when the first note balloons. 

@Nicole Jacobson personally I think leveraging real estate to buy stocks is a horrible idea since you said by your own admission that you know nothing about stocks. 

For example, someone to review contracts/agreements and can guide my team on best practices.