Income property - any good resources for start ups?

[mjimport]

I could see this as an opportunity to make some more connections and then potentially get into flipping in the future. But that would require more work and in manufacturing operations I put in 50+ hrs per week as it is, so basically I would have to change careers 100%
It would also be a hard move giving up the group rate insurance (as crappy as it is).

[mbonder]

I've often considered flipping houses. I have been in the home improvement business for nearly ten years now and the thought of having all of my money tied up in non-liquid assets where I've got to deal with people that don't want to pay rent or they break something every other week is pretty much guaranteed.

Flipping houses allows you to make the money all at once, buy, renovate in 3 months or so, and sell. 2-3 a year and you're set. Build up a crew to help you do it along with a bunch of good subcontractors and you might not have to even work yourself one day. Much better being able to cash in every quarter and free up your money, at least that's what I think.

[McGyver]

once you get them set up, you just sit back and let the checks come in every month but there is always some shit fuck that flushed a beanie baby down the toilet and thinks you are responsible to go over there at 2 am to fix it.

This times a thousand. For example, I am renting a room to a college friend and she texted me on a saturday morning saying, "the water pipes are frozen. what can we do?" It took all I had to not responding with, "pay the 2 month of rent you owe." Instead I bought a small space heater and crawled around the crawlspace until I found the blockage and got it thawed.

Sure it was an easy fix, but dealing with tenants can be a real crap shoot.

[TimeMachinE30]

It is not always what you know, but who you know.

Your wife, with her professional experience, is a great start.

[mjimport]

I have "some" experience with home construction. I have done quite a lot to my own home so I'm very confident in dealing with minor plumbing/construction repairs. Electrical stuff I would most likely leave to the experts.
My wife is a Realtor so that gives us a good head start in learning the industry and processes.

[flyboyx]

there are actually already threads here on this.

my wife and i flip homes on the side. so far, we have done well with it. we just started another house this week. i have had rentals. at one time five of them. now i have one. i kept it because its waterfront. i find rentals to be somewhat of a pain in the ass.

once you get them set up, you just sit back and let the checks come in every month but there is always some shit fuck that flushed a beanie baby down the toilet and thinks you are responsible to go over there at 2 am to fix it.

flips are good for us because we make a lot of money in a short period of time. unfortunately, to make cash, you need to bust your ass for a few months for each property.

[Kershaw]

How much experience do you have fixing houses?

What's your tool collection like? Picture hanging level? Building picture frames level? Building the wall that the picture is going to hang on level?

[mjimport]

As title states, just looking for some good resources (online?) for getting started with an income/rental property.

Also feel free to post your success stories (or horror stories)!