Noob learning about technicalities of REI

[Ken T.]

Hello! 

3 months ago I was taught by a guru how "easy" it is to be a real estate investor. Today I just learned that in CA you are required to include a 5 day rescission period on your preforeclosure purchase contracts or you could be jailed for fraud/misrepresentation/other reasons. Now I'm really taken back and even more anxious of moving forward in this industry.

Are there any resources out there that I should seek before continuing blindly into REI? How can I learn all the legal details in CA? Can I put all my trust into a RE attorney? Is an LLC actually going to protect me in case of such an offense (I do not intend on performing illegal acts at all)?

Learning from your mistakes is important, but preventing them is more important!