Another pitfall would be not doing a proper home inspection and improper budgeting based on that.    

Based on your monthly expenses to your income you will get a good understanding and it will help you focus on homes within your known budget.

Personally, I like to see 6 months of mortgage payments in reserve One thing you have going for you is that you have good income and if you are renting out the other side, you should be able to build up your reserves if you are good at budgeting and managing your money.

House is on Cape Cod, MA and bead board is a popular product around here.Other than that I haven't thought much about what I can add for a nice budget friendly feature and I'm looking for any ideas.Thanks for any suggestions

I was always fascinated by seeing something being made possible from just an idea on paper.I am hoping this website will provide me with a wealth of invaluable information and advice as I work to be a real estate investor.My very first project (which I'm still in the planning stages of) is my first home which I will use as my springboard/dive in to real estate investing and construction: I am hoping to buy a house in its foreclosure/short sale stage or a fairly run down property and subsequently "remodel" (but really rebuild) from ground up.My budget is tight and could be bordering unrealistic for the type of house I want and the neighborhood I'm looking at, but I don't give up too easily and believe that if I ask enough people enough questions, I can just about make it :)Anyway, that's me!

Hey BP, This is a "One Thing" type question that I'm asking to help me focus my efforts on only the most effective actions.I do bandit signs, door knocking and cold calling....Is there anyone who has found success with a small starting budget that can share what activities they found to be the best use of their time, in terms of deal generation?

I must add I would then rent the property out and the money I give them would be used for them to move elsewhere that fits their budget.. thus keeping a foreclosure off of their record.. and putting cash in their pocket as opposed to losing everything..does anybody do these kinds of deals or am i thinking crazy thoughts???

The other decision you need to make is what can your budget afford. 

Then create tons of attention by networking to force others share that content which goes viral and builds backlinks.Plus you can think about advertising on Facebook, Twitter, Linkedin and Youtube if you have a budget to work it.

Our budget can easily afford the property if no tenants since we are debt free and would be paying cash.