Set up an automatic voice message answering system that plays the message when people call and then records a response.Set up bandit signs on busy intersections around my neighborhoods of interest.Listen to the messages and call back the leads that sound interesting.I think I will just save up cash now and wait until I have $100K or so make a deal.

@Paul Brodeur Welcome.Time to set up your funnel of incoming seller leads.

Here are a few recommendations for you: Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/Wishing you the best!                  

Here are some good places to start: http://www.biggerpockets.com/meet- find and connect with other BP members that are in your area.http://www.biggerpockets.com/alerts - Set up keyword alerts to be notified of the topics that interest you.And, of course thehttp://www.biggerpockets.com/forums - ask any question about real estate!

Depending on the size of your portfolio of properties, I try to place investors into programs that their insurance costs are set, and the only variable is the value of the home.

Don’t forget to set up your keyword alerts so you’ll be notified when a forum post mentions something you’re interested in:http://www.biggerpockets.com/alertsCheck out this page to find BP members near you:http://www.biggerpockets.com/meetBest of luck!

To get your basis, you should use the lesser of FMV or the adjusted basis.

Experienced Investors:I'm setting up a FREE investor group meeting for experienced investors in Berkeley on 9/11 @ 7pm.  

@Khaled Helmi, the best advice I can give (although you may not like it- I know I didn't) is to get (or find one for bidding and vetting purposes) a set of plans you're happy with and a list of specs and bid it out to different builders/subcontractors.  

A property I am interested in I have learned that the Hoa has dissolved and therefore there is no Hoa fee until a new one is set up.