BiggerPockets

I'd buy the Section 8 Bible. (Amazon has it or section8bible.com to buy direct.)

It's a very poorly written, self-published book, but it does contain lots of good info. If you go into section 8 it'll definitely pay for itself.

Also, spend some time reading MikeOH's blog for lots and lots of good insight. (I am hoping to make him my Jedi Master; I'm right where you are right now.)

I bought the Mike OH book - funny my wife thought it was ridiculous due to it's title " One Minute to Rental Proeprty Riches" but really he was making fun, with that title, of all the gurus who make their systems seem like a get rich quick miracle course. The book lays out the basics, alot of which I already knew, but it was motivating and informative to see it laid out as a system to go by. Good property management really depends on setting parameters and policies and sticking with them. Also, Mike does not sugar coat the issues, so he is more believable and inspiring.

If you chose five books to pay a few hundred dollars on, his should be (and was - well, OK I spent more than that for all the books I have) one of them.

Typically in California Section 8 is not the best way to go unless you know exactly what you are doing. But you can go to the HUD website and guide your way through their programs and they will tell you what you need to know.

www.hud.gov

I just bought the Section 8 Bible by MikeOH and it was definitely worth it. The info on what to eliminate from the rental prior to inspection saved me far more than the cost of the book.

If you are in an area where you can get buyers, then flipping is the way to go as it is in and out. As for buy and hold, get an area that will appreciate fastest in this market...You can retire early :D

With the lending market continuing to tighten, the increased housing inventory, and the recession, it is much more difficult and " risky" (very loose term) to flip in these market conditions. Of course there is always the exceptions and if you have the ability to buy correctly to avoid/minimize the risk. The other negative item to flipping is the larger tax implications, unless you utilize a 1031 exchange each time. Flipping and wholsaleing is taxed at much higher rates than a buy and hold strategy as the cash flow is taxed at passive income ratios and the gain from the sell (after 365 days) is taxed at long term cap gains rates, currently at 15%.
Jsut food for thought.

First good luck on building your business and congrats for getting out there buying low which ever route you take. We are currently doing both renatls and flips. One of the best rental lessons I have learned is don't fear students. We are in a college community and although maint. is higher due to their lack of home ownership experience, students tend to be well funded (parents). In our area of Texas, college students pay higher rents, and as long as you time your leases to coincide with the academic calendar, we never have issues staying rented. It also helps to have a gimic, and advertise such in the college paper. We provide a 50"plasma in every unit. That line item alone is like a neon sign in the college want ads. There is nothing a college kid will tke care of better there than TV, and it's been the best $1k we have spent in pre-lease improvements.

Josh

I know hand holding can be a drag, but can you expound more on this?

I saw where Will also stated about "looking into HUD particulars for each specific area".

What are the implications or mistakes that would be made?