[turbo6bar]

Gosh, I could talk your ear off about rehabs and rental properties. I buy foreclosures, make repairs (usually cosmetic) and then rent the properties. After my portfolio got full, I started to sell off the less desirable properties.

Everything mentioned above is good advice. Big Ed is spot on. Buying for $300k and reselling for $350k = little to no profit.

The local RE investing club is bursting with new members. Everyone wants to be an investor. I don't blame them, but it means more competition. You might find newbies paying way too much. It has inflated the marketplace, so my advice is to sit tight for a while.

I have cash flowing from my freakin' wallet, but there are no good buys. I'd rather twiddle my thumbs than take big risks. Slam dunks are around the corner.

I think you should at least study your market. More than likely you'll find someone or a web site that will point you towards potential properties. Be very skeptical, though. There is only one person looking out for your best interest: YOU.

You really need to evaluate you needs and goals, and what you have to bring to the table. Do you have the means or ability to acquire cash to close on deals? Do you have good credit? Do you have a reserve fund to cover your carrying costs? This work is quite cash intensive. A credit line is mucho good.

It sounds like you might have the right mix to make it work, but it's up to you to take it to the next level (from conception to reality). Most fail to reach that next level. I'm not implying you should buy the first property you see, though. If you have some deals you'd like to present, fire away. I can give you some details of my last deals, if you'd like.
I wish you the best of luck,
jurgen