Unless you are well capitalized and don't need participation from lenders, then seed capital is the critical piece of the equation to get things going. 

I already have my list of subs and suppliers that I've dealt with for years, so the construction piece is taken care of.  

I also purchased a few pieces of land through a tax deed sale, using profits to purchase a 4-plex I held for a couple years.

I'm not sure how often other investors mail out pieces but I like to take a two step approach.

When I hear some of the stories told by other REI (via- BP/Blogs/Forums) I feel like bits and pieces are missing if not chunks of information are left out. 

Again - I'm trying to get my ear to the ground.

The house was a foreclosure in bad shape; the cabinets were missing a drawer, a face, and one small piece of trim.

And the accounting heavy aspects of REI is a very different skill set than project specific project analysis which is another animal entirely than a strategic investment advisor concerned more with your portfolio and holdings as a whole as compared to each individual piece.  

Radiant ceiling heat that I have seen has wires sandwiched between two pieces of sheet rock.

The hardest part about this type of job is cutting out the cast iron pipe in pieces because it’s so heavy.