Heck, know the local laws as well.
As a real estate investor who operates throughout the US, I can tell you that state laws can very considerably. If you are thinking of buying in a new area, talk to a real estate attorney in that area or a real estate investor with experience in that area.
I have learned to not pay too much attention to realtors though. In my experience, "you can't do that" simply means that they don't know how to do that.
Just a few off the top of my head:
Assignment of Purchase contract is illegal in New Jersey and (I believe but have not confirmed) Oregon.
Lease Purchase Options: illegal in Texas and a few other states
Buyer receiving money as closing (even when it is fully disclosed): illegal in Michigan.
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Jeff Miller
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