The principles of real estate investing are quite easy -- buy low, sell high, take the family to Disneyland -- but there's a steep learning curve. This is a complicated business, and you should be prepared with at least as much knowledge as investment capital.

Here are a few things to consider:

Research the market carefully. Invest your spare time into books and websites on the subject, learn basic home-repair skills, and study real estate law. Know the tax implications of your investments, to avoid unexpected issues that could cut away at your profit margins.

Be realistic. The price of real estate has been on the rise for years, but that does not necessarily guarantee any sort of profit from your investments. You'll almost always run into an unexpected problem, and you will do well to be prepared.

Decide how much time and money you'd like to invest, and then form a business plan, complete with timeframe. Divide large parts into smaller tasks, so that you can easily log and review your progress. Allow a sum for unexpected repairs, etc.

If your credit scores are decent, it is possible to acquire a second property with no down payment, and only a few thousand in closing costs. In order for this scenario to work, however, you have to buy just before the market value rises, and sell quickly. And there are a host of tax and legal consequences of this particular brand of real estate.

Truth is, there are many varieties of real estate transactions, each with a varying degree of risk, and potential for reward. Know the local market, research each option carefully, and then decide where you best fit within that construct.

Consider the characteristics of your personality. Some investors are extremely savvy negotiators, while others prefer slower, long-term investments.

Property investment and re-sale can be time-consuming work. Be sure that you have enough to spare, and do not be hasty. Establish healthy relationships along the way, with inspectors, lenders, contractors, etc. These are the people you will eventually be able to trust, and count on. In time, you'll also develop greater ability to estimate the amount of time you'll have to invest into each project, how long to expect from others, and how to anticipate the most-likely problems.

If you are meticulous, ready with firsthand knowledge of the inner workings of your investments, how they translate on paper, and if you are capable of anticipating the outcome of most of your decisions, you will go far in this business. There is potential here for high-yield income.

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