Essentially lots of good debate about whether you need an attorney and things like LLC or insurance.  

I have the opportunity to purchase this investment property:3bd/1ba/2 car attached garage.ARV: 85k (verified with recent sold comps)Reparis: 14k (already has new roof, siding, windows. just needs interrior brought up to snuff)Asking price: 44K cashThey are open to owner finance for 6-12 months with 20% downRents $900It's a local deal in good school district with a strong rental market.I would like to buy & hold this one, but I think it could also be a flip.

@Keith Dowdy there are essentially 3 investor types of meetings that happen consistently in Raleigh.

The problem with MLS listed properties (REO's, short sales) is that essentially everyone has access to them so competition is fierce.

If you are really in a seller's market, you should be able to negotiate a cheaper real estate fee - that will usually tell you whether you are truly in a seller's market; whether or not a realtor is willing to take 4%, 5%, because it will essentially be a no-work sale. 

I am looking for A/B neighborhoods with strong school districts.

If you purchase a property with a great deal of equity, than you can essentially pull out the money from your initial investment of purchase price plus closing costs, with delayed financing immediately.

It is essentially two units, 1B/1Ba, 3B/2Ba.

If I moved to Las Vegas, I would be getting paid approximately $800 more because I would be paying no state tax (California is expensive), so I could essentially live rent-free relatively speaking (I see a ton of rentals for around this price online – sharing with a roommate).

Came away with $10,000 and essentially lived for free for 9 months.