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Find depressed properties and write options to buy them in 30 or 60 days. Assign the options to other investors for a larger premium than you paid or sell the options to final sale buyers. Most states do not regulate this type of instrument or transaction. Check this out with a local licensed atorney. Also, RE Agents are great birddogs -- they need deals as buyer's agents too.
You pay the owner $500 -$2,000 for the option -- that is your total risk. Once you nail a good one (make sure there is 25% or better equity in the paper (option) resell the option for more money. You have a highly leveraged instrument like $1.5K controlling $30K in gross property equity. So, turning $1K into $2K in days is very realistic -- finding the deals is the problem usually. Properties going to sale for taxes, properties in probate, properties in bankruptcy -- deal with the court referee, divorce settlements and taking options on divorce notes. Always act as a principal -- use your own money to write the options -- when acting as a principal you *usually* do not need a license.
This works best when markets are depressed -- don't worry you wont be waiting that long. You need to work in an active real estate market -- maybe a 100 mile (161km) radius. Nothing is stopping you from working with larger properties and writing an option at the $5K or $10K level either -- just stay diversified.
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