Then if you are more flush with cash and want to pay off the loan faster go for it - that will limit your cost from the long-term loan perspective.

Michael Corbin if you are planning to rehab, get a quote from a few contractors.If you are just interested in the plot, get an estimate from a demo company to scrape and level the lot.

I was just looking at it from a Federal tax level. 

Wanting to learn the business from the ground up has nothing to do with someone's income level.

I'm open to other locations, I just happen to be familiar with these two areas.I'm receptive to any recommendations and I look forward to connecting with all of you on a professional level. 

Whereas if you have it under contract and the repairs come in higher after inspections, etc, then you can ask the Seller for concessions based on information not disclosed, etc.You will get better at high level estimates with experience, but until then you have to make an educated guess and then firm that up with bids after you have it locked in.

Find opportunities that no one else can find, close on transactions that no one else can close, identify value that no one else can see, execute faster and more efficiently than anybody else. 

One bit of advice is to keep your mind open to learning about other entry-level real estate investing than the standard single family residence fix-and-flip value-adding strategy that all the late night infomercials tout. 

While some custodians are faster or smarter than others, it's not as fast as you doing what is needed when it's needed.It also saves on having fees charged for every single check cashed and check written as well.

I am in a higher level mastermind session currently, and paying money really doesn't bother most of us anymore..