Consequently, you stand to lose some level of control. 

This week in rental property, mortgage rates climbed up to the highest levels for the year.

Should I feel comfortable going ahead and bidding on these properties or is there a way to dig deeper without digging into my pockets ?

I have read hundreds of them and never seen one that didn't dig the borrower in deeper and hurt them even more in the end.

Really really find out who they are, what they really do, how much they really know.I found one local club where the two guys running it, seemed legit, but then I dug deeper only to find out they were nothing but thieves.

I would want to feel comfortable with a certain level of cash on hand and very safe gov't bonds for any emergency to handle.

I am a naive want-to-be investor (right now) looking to get myself to a good level of knowledge to pursue the field.And although the I live in the UK (where I'll invest) I've been listening to the BP podcasts in order to learn how to invest and how to think as an investor: which are not things restricted to an American information source!

Some good info for a base of knowledge and conduct your business legally but most not very useful.Focus on systems to serve clients at a high level,  your sales skills, negotiation and ways to get leads. 

I think a lot of it depends on what level of due diligence is needed.

The number one fear of new landlords is placing tenants, so this adds a comfort level for them.