Knowing that, it gives me an idea of what I can be looking out for if and when I hold a position in a real estate business.Many thanks!

I have no clue where that idea popped into the CPAs head. 

Luckily I have one friend who is reno business and he gave me an idea what should be done first and what to leave last.

@Jay Legaspi I think a partnership is a great idea, just make sure whatever arrangement you make is as clearly defined as possible and written out ahead of time- and everyone agrees to it.I started with single family, and I'd advise that route too.

I think it's a great idea, especially if you get an FHA loan; 96.5% LTV with a good rate.

Obviously the idea is finding more motivated property owners with direct mail.

Too many people have no idea how to evaluate a deal past generic numbers they type into a calculator. 

Is it good idea to have a mentor?

Chances are if you've given them value and they trust you, they'll be open to the idea.  

JoseGreat idea.