Lenders want to see some sort of skin in the game, varying from about a 3-5% down payment minimum for an owner occupied home

The city is varied in its neighborhoods.

Each of these introduces its own particular type of volatility, so in the long run you may find that your mileage varies.

When we talk to sellers, we usually try to present them 3 offers varying in purchase price.

Realizing that there is a lot to learn to be taken seriously in this business and that books can only get you so far since markets and areas vary.  

The cost of water and electricity varies drastically around the country depending on the area and provider.

If you go through that and look past the legalese, it should be fairly straightforward to determine whether your activity will fall within one of those existing categories.

I have listed some helpful recommendations for you:Find and connect with other BP members that are in your area:http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you:http://www.biggerpockets.com/alertsRead Beginner’s Guide:http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts:http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person.

This would, of course, vary based on scale.  

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.