There is no real connection between a residential property's value and its ability to produce an income stream as a rental.

When you started did you keep your regular full time job or did you dedicate all your time for research, finding properties...etc?

The property would have been owned for way more than 180 days, maybe several years.If its not possible is there another way to transfer profit from any RE sale into some other RE that has been owned for a while without paying capital gains or regular income tax?

I spend a lot of time researching online, as well as regularly attending my local REIA club meetings.

I wouldn't sign for a 1.4 mil property unless it produced about 21 - 28k in rents a month.

Improving your math skills if they are not great is another key skill.Part-time work: Property management, construction, sales in a hardware store, almost any sales job where you are dealing with the public on a regular basis, working as a support person for a real estate agent who is very active (marketing, web support, etc), admin work for a mortgage broker.

You'll find that most top-producing REO agents have buyer's agents that actually show their listings and deal with the public.

3) full carpet replacement (home is 1,474 sq ft)4) interior and exterior paint work needed (home built in 1940)5) needs vinyl windows (there are 12-15 windows)6) some wall areas need to be re-sheet rocked due to holes made from previous owner(s)7) basement ceiling is low and should be lifted (room to be lifted another 6")8.) need insulation and sheet rock in basement to cover foundation area to turn into a potential family room area9) new kitchen cabinets10) appliances (washer/dryer/stove/dishwasher/fridge)11) new kitchen countertops12) update bedroom closets13) install regular sized door and doorways for 3 bedrooms14) new front and back door15) turn upstairs into a master suite... knock out a few walls and alter 2 bedrooms upstairs to a master bedroom with a walk-in closet and an attached master bathroom16) landscape and curb appeal17) stairs are kind of steep leading upstairs... don't know if could be changed?

They like seeing regular income when you want a loan.Do you own your own home or have you purchased a property in the past?

I intend to be a regular on the message board by both giving and receiving insight on different subjects.Thanks,RJ