5. Know when to tap out
Once you've set your sights on a particular property, you'll want to calculate how much you'll be willing to shell out for it. Once you have a plan for the investment (live in it, flip it, rent it, etc.) you'll want to find out what similar nearby properties have sold for recently, determine what it might sell for, and calculate necessary improvements based on worst-case scenarios since you will be unable to have it properly inspected beforehand. Do the math and figure out your maximum bid price.