The first piece of advice that I would give you is to recognize your audience- I would imagine the overwhelming majority of people on this forum would push you toward buying property vs index funds due to the topic of BP. 

One of the main points that I recognized throughout the entire excerpt is to avoid speculation, either by thinking that the market will swing to your favor or just by getting "in love" with the property.

Buyers are more willing to buy and lenders are more willing to lend; thusly, sellers are recognizing that now is a good time to sell.

Recognize that many wholesalers are newbies.

JohnYou seem to be focused on buying and the financing angle.At this stage you should be focusing on how to control property and recognizing a deal.Phase one learn about straight options.

Also recognize that others might not be looking so trying to sell is harder when no one is looking.

being a licesened agent in NC probably cost me $500 a year...well worth it.i also enjoy the benefits of being a recognized professional in my field and when other parties know that i have a certain liablitly to act professionally, it will earn you some degree of crediblity and respect.i stongly recommend that you take the time to get your license if you plan to be a successful investor.

So a large house that has been divided into four units, but has not officially been converted into legally recognized condos, can be sold to four parties.Not recommended.So $250k gets you a small slice of a house that others share.

My question is, should I get a building permit and have the county recognize my additions or just do the additions and not have then recognize it.

I am certainly aware it will be an uphill battle, and recognize why most of you had said you would not rent to her (as I also would not rent to prospective tenants with an eviction).