You can get burned bad if you are not prepared when starting your first investment.

No money down sounds good to me. lolMy family also has a piece of land in West Rogers Park near Devon and Western where a restaurant burned the building down back in 2007. 

Hi @Shayna Burns, I don't expect them to approach me....

From what I understand, even if you do the trust right, you would need to change the insured on the insurance policy; otherwise, the policy won't cover you if the house burns down.

My properties do not usually rent the first month or two when i buy them if they have a vacancy, partially because the first thing i do is fix up the vacant unit. you just need to prepare yourself for having that possible down time, but adding more dept to pay that monthly dept, you may be adding logs to the fire that is already burning and could get out of control, know your market area, make sure you are comfortable with buying the property with the knowledge that it will rent.

Pigs get fat, Hogs get Slaughtered"  - This is true over and over again, so when you meet a Hog, don't worry, his or her day of reckoning will come.  

And how do you know the well and the septic didn’t also get burned up leaving you to dig some very expensive holes in the ground?

When he falls asleep on the couch smoking, burns the place down and kills everyone you might rethink your priorities.

I am very new and have a burning desire to learn about REI!

Concentrating all my money into a single house, and hoping it doesnt get burned down :P.