-You have to pay for (at least a preliminary) title search -Some towns require a well test before they give their "muni's".

I haven't done extensive testing on the results, but it's worth a shot.2.)

I bet the greatest heat loss is through the windows, not the walls, but you won't know until you test.

(There's no bright-line test as to what constitutes a trade or business, but an ongoing part-time activity can qualify.)"

It's a Rorshach test in that like the psychologist's ink blot test, what you think of it depends on one's unique vantage point.I'll generalize a bit here, but many folks from the coasts are used to very high housing costs and can't quite buy into the idea that a $50K house doesn't have to be in a bad neighborhood.There's a community near me with $50K median price houses, $50K median household income and average monthly rent of $900 - $1100.

I found this system to work great when there is difficulty with ground perk tests which can take a long time to resolve with your municipality. 

Looking into purchasing a single family home to start out and test the waters.

Of all the times I've heard this I've noticed it's never really talked about in terms of specifics.On one end of the spectrum Josh Dorkin made this site because he was supposedly burned on some of his first real estate deals because of lack of knowledge, on the other end of the spectrum I hear the term "analysis paralysis" a lot.We all grew up taking tests in school to determine what we "really" know about a subject.

(That doesn't mean squeeze the last drop of blood out of your partners, but find something that works for all of you.)

If you plan to lease it (be a landlord) yourself, and you don't have enough cash to pay them some down + closing costs+ marketing for a renter + cash reserves for that thing that will happen that you haven't planned for, my "eyeball test" says this isn't a deal for you.Again, the WRAP and lease option guys may have better answers.