Wow, when I began reading this, I was thinking "I bet this is going to be an extremely successful airbnb story" lol!

@Faith ImporticoI think people should be extremely cautious in this current market.

thanks and i look forward to veryones responsesedit- my final part of this plan that i forgot about is that i have a credit card out in my name which my mom is using for her business. she is responsible and the business does well so im not worried about her screwing it up. after several years of her building up my credit i should have extremely good credit

I would stage a $3 house, but I would not hire someone to do it or buy furniture unless it was extremely cheap/free/barrowed.

However, in many parts of the country, it is extremely difficult to find a property approaching 50%.

Yo -- I don't know Turn off the lights and I'll glow To the extreme I rock a mic like a vandal Light up a stage and wax a chump like a candle

Your tenant will leave in a year or two, and you'll have an extremely difficult time finding another good tenant.

We have an Ann Arbor meetup group that is extremely helpful in both the learning and networking aspects of RE; and many of them are on BP.

Any investor should use extreme caution with interest only payments, as basically they are betting on appreciation and a falling market would hurt that plan.  

In southern California where prices can be extremely high the commissions can be 2.5 on each side.