I knew him in school and saw that he has become an agent like his grandfather, if I'm thinking correctly.

When you file your taxes you may have to pay school taxes. 

Avoid areas with bad school ratings.

These are desirable areas where you would actually want to buy a house to flip or hold as rental because they have good schools, safe neighborhoods and  little to no "war zone" type streets.I drove EACH street looking for houses that are either outdated or needing serious repairs (based on exterior appearance).

Additionally, I get real reports with full list of creditors and the payment history, which is how I evaluate the report.

Geo Tan,  The actual act of living there would produce a copius amount of documentation including - mail, utility bills, drivers license and voter registration, school district registration, pictures of family bar b ques,  affadavits from the paper route boy,  etc etc.  

I have little-to-no cash reserve...student loans, daughter in private school, and a long work commute (gas $$) have a lot to do with that.

Looks like if you really want to make good sustained income, opening a RE school would be the safest bet!

Plus it might incentivize you to look at trade school after college :)

One of my first (of many) concerns will be to not overdo improvements, being as I tend toward, but am not a full blown perfectionist.I'm sure I'll have more specific questions as I go, but for now I'm just schooling myself on the basics here at BP!