A lot of banks elected not to chase personal guarantors for various reasons after the crash, but that small window is actually pretty wide - the statute of limitations is 20 years in GA if the borrower signs the note/guaranty "under seal," which almost everyone does, or 6 years if not.

If you are actually in the city limits, expect the city to slow you down on major projects. 

I do have the money to pay off the note of $30,000, which I believe I will need to do, because of the job situation and due to some physical limitations keeping me from working right now.

Cash-on-Cash Return Cash-on-Cash, the popular real estate investing return, is explained including its meaning, shortcoming, and formulation...Debt Coverage Ratio (DCR) A ratio investors and lenders use to track and compare debt-related outcomes for rental property and measure financial risk...Gross Rent Multiplier (GRM) A quick and easy way to determine whether or not a property is priced in line with other similar-type properties...Internal Rate of Return (IRR) The time value computation that shows the ratio between future cash flows and initial cash investment as a percentage...Loan-to-Value (LTV) A computation related to mortgages that lenders use when financing investment property as a measurement of their financial risk...The Maximum Purchase Price Calculation A calculation investors can make to determine the maximum price they can pay for an income property to at least break-even and avoid a negative cash flow...How to Compute Net Present Value Net present value is explained along with its formulation and use in real estate investing...Profitability Index The time value computation that shows the 'proportion' of dollars returned to dollars invested rather than the amount...Rental Income Property Cash Flow A fundamental look at rental income property cash flow for those of you new to real estate investing...Sinking Fund Factor Know the amount you you must start setting aside on a regular basis now to cover a capital expenditure scheduled in the future...Tax MattersIncome Property Operating Expenses and the IRS Tax Code Learn what operating expenses should be included in a rental property analysis as well as what the tax code says about operating expense deductions...The Recapture Tax Real Estate Investors Face When They Sell The seldom expected recapture tax real estate investors expect to owe the Feds after they sell their rental income property....The Cash Flow After Tax Calculation How to calculate cash flow after tax step-by-step starting at the gross scheduled income...The Depreciation Allowance According to the IRS Tax Code How the IRS figures the depreciation allowance for investment real estate along with its concept, limitations, and formulation...Understanding Rental Property Depreciation and Recapture Tax Rental property depreciation allowance and the recapture tax associated with it are explained...AnalysisCap Rate or GRM?

(C) "Real estate salesperson" means any person associated with a licensed real estate broker to do or to deal in any acts or transactions set out or comprehended by the definition of a real estate broker, for compensation or otherwise.4735.02 Requirement of license.4735.022 of the Revised Code, no person, partnership, association, limited liability company, limited liability partnership, or corporation shall act as a real estate broker or real estate salesperson, or advertise or assume to act as such, without first being licensed as provided in this chapter.

@Mehul Mehta, @Azam Khan - one observation is that you should not be limiting your focus strictly on single family.Have you thought about getting the economies of scale and investing in multifamily (apartments) via a syndication?

I found that if I disputed every negative item, that some of them had to be removed because the creditor didn't respond to the verification inquiry from the credit bureau.If you have high credit card utilization rates, but very few inquiries, then your scores can actually improve by asking for credit limit increases. 

Don't limit yourself on your option period.

Dodd Frank limits you to seller financing 3 per year in your own name.  

Although I do not want to limit myself to only flipping, eventually I want to start a real estate company.