• June 2005: The New York-based Big Four International accounting and consulting giant KPMG has been subject of an IRS investigation seeking information on firm’s clients that used offshore tax shelters and bank accounts.

• June 2005: Eric Bassingthwaite (an alias) operating out of Channel Islands, and Philip Egglishaw, a Geneva-based Swiss attorney, were targeted for their roles in assisting wealthy Australian attorneys, executives and celebrities (all now under criminal investigation) in illegally sheltering more than $300 million is assets offshore.

• July 2005: In UK, HM Revenue & Customs office crackdown on tax evasion and offshore banking resulted in criminal charges for hundreds of client of “offshore” services.

• July 2005: New EU tax rules open up offshore accounts held in several prominent tax havens to scrutiny by government authorities for purpose of collecting taxes.

A word of caution: Beware…though taxman certainly can’t catch everyone, their powers and methods are becoming increasingly sophisticated.

4. Some investors have a "knack" for making money. Sort of. More accurately, some just took time and risk to learn market and continue their education.

5. You need to know "right" people. It helps, so start process. Talk to investors, real estate agents, landlords, etc.

6. You have to be great negotiator. If you learn to run numbers and make offers based on them, you can be worst negotiator and still do okay.

8. You need insider knowledge. Understand one deal, and you are on your way. Read and read more, but best "insider" knowledge comes from experience.

9. Fixer-uppers are safe. People have idea that doing work themselves is safest way to assure a profit. Not true. Mis-planned "fix and flips" have bankrupted even experienced investors. Most poorly purchased rental properties will only eat a little money every month.

10. The key is lowball offers. The numbers have to work, and you need a plan. You can offer MORE than market price and make money investing in real estate, if you understand creative financing - and how to do math.