I am sure the nerves will break after a few calls or meetings with sellers.

@Darrell Shepherd"BTW, Any buyer using numbers given to them by someone that makes a profit when you buy whether you make money or not should have their head examined.

@Dennis M. geez beat down on the newb ( XD I kid ) not rationalizing just examining all the angles I can to learn how to make a good deal and when there isn't one to be made; and yes it does suck, that's the area I seem to be in, so expanding my search.

It was nerve wrecking but so exciting.

The examiners who look over properties before issuing title policies may want to see your trust agreement to ensure there aren't any issues that could cloud the title, and this can defeat the trust's ability to protect your privacy.

You don't need a college degree to become a real estate agent and the course work and examination is minimal to become one.

I, along with two people close to me, have been talking about property investing/flipping for many years, but never had the nerve and made the assumption that the housing slump made it a bad time.

Not likely going to happen.If you re-examine your own profit model, establish a budget and timeline for most QTA's you'll probably have a $2,000 - 25,000 expense, absent any litigation. 

If you are not from Detroit or have not been to Detroit and examined the areas you are looking to buy, i suggest you visit before buying anything.

If you examine your agreement and title policy, there's likely a clause that addresses how 'claims by others' is handled.