Regarding your house... if you are going to try to replicate the "how he did it" guy with pre-foreclosures, keep in mind the equation: $54K/$120K < 50%.

Great strategy, and is something I hope to replicate.

There is quite a bit of learning, but once you have raised money, it's easy to replicate the process.  

It was a simple slip (I had posted a comment but noticed another user had made same comment and didn't want to replicate).

I would find the biggest, baddest wholesaler in your market and try to replicate what they do to find buyers.  

Id appreciate some guidance and possibly to see if theres a good "system" that can be easily replicated.

Many rentals were previously bank REOs or foreclosures from owners who didn't understand the financial & operational aspects.This would be hard to replicate elsewhere, as Gatlinburg is focused on year round tourism which is great for low vacancy.  

Seriously, replicate those returns and youll make yourself and your friends wealthy.  

Newbies are often used to some extent by their mentor.So, how can a new investor or operator know what they are being taught and told to do is ethical, legal, reasonably replicated, accepted practice and actually profitable?

My initial investment was just under 100k and your 400 can easily replicate the experiences IF YOU CHOOSE WELL.