When I purchased my first property (passively at the time) in 2012 the mindset and expectations were different.

Build relationships with investor-friendly lenders and start tracking numbers on foreclosures or off-market deals now, so when you pull the equity, you’re ready to move fast.You’ve got the right mindset asking these questions up front.

@Evan AlexakosEvan, props to you for wanting to take action early—that mindset will serve you well.

Most of my wealthiest clients have little to no debt .. its a different mind set.. refi to you die is one.. being debt free is another its not always about absolute ROI

His estate was not probated as he did not owe for anything and all of my parents' properties and accounts were addressed before their passing and a will was in place leaving all to my sister and myself. 

.• S-Corps don’t usually work for rentals since rental income is passive, but they can be useful for active income streams (like property management).Advanced Planning• Consider a parent holding LLC that owns subsidiary LLCs for each property.

Kay, losing money on a flip stings, no doubt about it, but the fact that you are still standing and looking at the next deal shows you already have the mindset of a real investor.

This allows me to become an expert on property values, title companies, and contractors in one place, eliminating the chaos.Controlling the Value: I'm no longer just finding the lead; I'm committing to owning the entire process—marketing, securing the contract, and finding the buyer—to finally capture the true value of the deals I find and, critically, make money this time.I’m starting where I failed last time, but with a new mindset: narrow focus, maximum effort.The Moral of the Story for New InvestorsIf you're starting out and considering being a bird dog, here's my painful, hard-won advice: Don't try to be a remote bird dog.

Compared to conventional, where you get partial credit for rental income but are still bound by personal DTI, DSCR shifts the test to whether the property itself can carry the debt.The mindset change is big.

I like your mindset—starting with learning and connecting is the best foundation.