It’s similar to when you join a health club and the papers say that you have 24 hours to change your mind and can get your money back.http://hobokenrealestatenews.com/2010/02/02/attorn...

The returns look good on paper but rarely pan out.

Once I got into it a opportunity to be partner in a million plus apartment complex came up - it took a lot for me to say no because it looked so good on paper.

Tried to keep it simple since I'm focusing on Yonkers with my real estate investing.

Buyers tend to think an auction automatically equals a bargain price and don't even consider what similar homes are listed for on the market.I stopped going to auctions for investment property but I was at an auction about a year ago for a simple 50's built ranch home with no updates and I'll never forget it.

We took out wood paneling on the walls that had 3 layers of smoke infused wall paper beneath it (really should have just ripped out the drywall...).  

I am in process of finding the local papers where foreclosures are list, in pretty sure that KS is similar to MO about posting auctions.

There are certainly more aggressive, and more accurate ways, but this is not a crazy way if we just want to (for mah fellow former Marines out there) "Keep It Simple, Stupid."

I know its not that simple and that there is more that comes along with real estate investing but that's my vision.A couple of questions I would like to ask are: -how much money should you have in an emergency fund before jumping into your first multi-family investment?

You're going to sign a piece of paper promising to move in within 60 days and live there for at least a year.