Otherwise, there are so many ways to slice the real estate pie that it's just too easy to get distracted by next thing (short sales, lease options, pre-foreclosure, etc.)As far as connecting with other investors, you can do so here on BP of course, and you can also check out local groups such as Black Diamond REI in Massachusetts or RIREIG in Rhode Island.Also check out the BP Ultimate Beginners Guide especially the sections on networking, finding mentors, etc.

We are currently working on our short term/ long term goals and on a business plan.

If it is fairly short term then maybe 8-10%? 

He might say he doesn't want anything from you now, but he has ammo if you ever wanted him to leave on short notice.

I was able to gain a lot of knowledge in a short period of time and im grateful for that.This duplex is being sold as is through the courts.

Money lending is short term and independently mutually beneficial.

(a short one photo story)

Good for short term bridge to traditional financing. 

I'm not in agreement with @Ashish Acharya and @Brian Schmelzlen on self-employment tax for short-term (7 days and under) rentals.We all agree that there's no self-employment tax for rental activities.

More important that whether your first deal is a tax lien or a foreclosure or a short sale is: "Is it a good deal?"