There are two rules to being a real estate professional: 1. 750 hours per year in qualified real estate activities 2. 50% or more of your time has to be spent in real estate.

@Ken Barrett she spent most her money getting it together more so than on the legalities.

I’ve made 6 figures consistently the past few years but I’ve spent most of it on high rent, leisure & travel to be honest so only have about 40k liquid for a conventional downpayment on a 200k property.

The few hundred dollars spent on the lawyer is well worth it.

A relative had loaned me some money for college tuition costs as a gift and I just told the bank it was a downpayment for the duplex (even though I spent it before the property closed). 

I’ve spent time scouring through the BP forums reading everything I can about different areas.

While I'm definitely stoked with my first purchase, I feel as if I may have to wait years in order to save up for another property, as I spent a good chunk of my funds for the 20% down.Just wanted to reach out to the community here and see if anyone ever found themselves in the position during their start, and what sorts of creative strategies you used to eventually scale your portfolio.Thanks!

We bought it for $75K and spent approximately $400K in the rehab. 

We bought it for $75K and spent approximately $400K in the rehab.

any time and funds you have access to should be spent on; 1) Learning how to structure a deal2) Marketing