Buying an investment property is equal parts daunting and exciting. In fact, your first investment property can feel like a real roller coaster of emotions. Like with all things, there will be a learning curve to walk through, but these 4 simple steps can help to ensure that you are on the right course as you journey ahead into this thrilling new time in your life...

Prepare for interest rates and down payment. They will be different from what you are used to.

Investment properties work much differently than an owner-occupied home. You should expect to make a down payment of at least 20%. Likewise, your interest rates will be different than your home interest rates as well. For this reason, you will want to research the interest rates for investment properties.

Decide if you want to flip or rent.

Finished Flip Photos: The Kitchen (Photo credit: It's Great To Be Home)

Flipping Homes Is Tougher Than It Appears

Gary M. Singer is a board-certified real estate lawyer that answers all sorts of questions about the housing market. Each Friday Singer answers questions about mortgages, short sales, refinancing and other residential real estate topics.

Q: Since home prices have been rising, I am hearing a lot about people who are making money "flipping" houses. What exactly does a house flipper do? -- Anonymous