Man I wouldn't go it alone at least not at the start. Find a partner that has already been in the business or a trainer that is willing to invest as they will teach you much more than any book can.
I've also heard from many owners that horseracing is a hobby and not a way to riches. All of the ones I know have seperate businesses that finance their hobby.
In Chicago our leading owner the last 3 years running has reported a net LOSS each year and 2 back he reported losses in excess of $1 million.
Now breeding and pinhooking are a different story.
Good Luck
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