Investing in Notes through your IRA or 401k, via a "Self-Directed" IRA/401k can be extremely lucrative however, you will need a Self-Directed IRA/401k firm to administer your retirement account.

Multi-family 100+ is extremely hot right now.  

These types of programs are needed and the default rate I believe is extremely low. 

It is vital to meeting other investor and private money lenders.  

I've been reading several post throughout the website these two have been extremely helpful http://www.biggerpockets.com/real-estate-investing/ and http://www.biggerpockets.com/renewsblog/2010/06/30/introduction-to-real-estate-analysis-investing/ I'm really looking forward to finally starting this chapter of my life.

They were so cheap I could fund them myself. 1) You can get bank loans or loans from traditional lenders like mortgage companies but that is extremely tough to do right now and usually requires substantial down payment. 2) There are Hard money lenders- high interest loans for investors - usually will require a down payment and some of your own funds.3) Some people use money partners.

Will and other respondents-The EXTREMELY low LTV is what I'm basing my profit on.

Even though the motivation doesn't sound extremely strong, I want to leave an offer so he can sit on it.

This question probably sounds extremely basic and silly, but I'm still at that stage - lots of silly questions.

I believe that's statistically extremely unlikely.