Harjeet, that's good to know it's not too much of an issue to have a HELOC if I can pay it back within a year.Brent, the rental is a bank-owned condo that actually costs $75,000...

I actually switched over to driving a limo giving me more down time between the rides for a better pay and miles on my own car.To not pay half mill for a place in Studio City is going to be a tough find Id think.

I have only been to a handful of Meetups and not sure how well I'd be at actually organizing one but I want to get to know locals and get the REI community together.  

Although keep in mind this could make the bank call in your loan, but I've never heard of that actually happening.Also, many people suggest a quit-claim deed for this.

And what precautionary measures should I take before actually purchasing , keep in mind this is my first ever real estate purchase , so I need a walk through of everything .

I prefer to give up more for the renovator, so they know when they come back they will make money on wholesale deals from me......don't count on it, but I have even had a few guys come back and let me get the difference of actual and retail costs I quoted for they safety.....rare but it does happenArv times 60% minus repair costs (retail)= your max offer you should never go over.....I always try and get more money by offering a decent margin below this max offer to ensure healthy deals, 10% is guaranteed if I can only get it for the formula max offer......as most will probably tell you I use what I use, however some will be more than mine others will be below, it is what works for me......I never break my max offer.

We are actually planning on investing in rental properties.

There will typically be a full marketing package with financial actuals and pro-forma that brokers will send you on request.For smaller deals you're typically working with less sophisticated sellers and may get a rent roll, but I don't usually expect a full P&L report (nor do I trust the ones I do get) before I get into due diligence.

The first thing I thought was that someone wanted the farmland and split up the actual farm lot into the tillable land and then the house and barn they didn't want.

LTV was about 70% if I remember correctly and interest was actually higher and variable.