If it is a good deal and there is a good profit available, tie it up, learn how to control property even if it is with a $10 option, take a shot, earn from good deals, don't wave goodby to them.

There are many non profit credit counseling agencies that can help you figure the best course of action for your specifc circumstances.

So I have my first profitable deal under my belt, but no rental property experience.First and foremost, I want to find a market to start learning about.

Without profit we'd have NO economy.

May have to split some of the profit - but you learn faster.

I have a personal umbrella insurance policy.We've been fortunate to have everyone pay.When the market comes back (7-10 years they're saying), I am getting the hell out cuz I know this is not a profitable way to go...I'm just trying to minimize my losses & take care of my family.

This is simple watered down way to do it but at least it gives you a idea quickly on the profitability of the asset.

Use some common sence, allow profits as well as keeping the ripoff artists out of the buisness

I'm doing and owner occupy for now, I want to fix and flip it if I can make decent profit, if not I might just get a roommate so I can save faster to buy another one. once I have two propertys hopefully saving just get easier.

Also figure out what is your cash on cash return($10K+ closing costs) vs. your anual net profit.