If I feel wholesaling becomes a legal issue that prevents me from doing deals, I will certainly put all my efforts into getting a real estate license.

We are big fans of doing it right the first time/preventative maintenance but are wondering if this is common practice among other investors?

If I froze my student loans her income alone would just about cover all our expenses and I keep a 6 months emergency fund just the same.. so bankruptcy would have to come with extremely hard times that I may not have been able to prevent either way if it gets that bad

Use BP as a tool to find other investors, mentors, even agents and lenders that can give you advice and prevent you from making the same mistakes as others.

Is there anything I need to be aware of to prevent unforeseen tax implications down the road?

This means less demand for starter homes which prevents those homeowners from being able to "trade up".

Although there was not much I could do by way of prevention, my learned came from the experience and knowledge that I gained from hands on experience.

We'll charge from 1/2 to 1 months rent.We've never considered a security deposit as leverage over a tenant that would prevent them from trashing a place.  

Steve, you would need to review your LLC operating agreement to see if there is anything preventing you from buying portion of the LLC (in most cases this should not be a problem).

But from my experience, nothing that would prevent you from  potentially having a great investment.