Yes, these are all great points and I appreciate how your broke them down. 

I had to borrow the down payment form my parents because I was BROKE. 

In 2 years he has gotten nothing and it was focused on Austin TX so they have probably lost 30% in value as well, can't get a loan and will go broke because of too much overhead.

Husband and I both work w2 full time jobs and we have 3 girls ages 9. 7, and 3!

I think I have paid my full mortgage with the money paid out by Homeroom twice in total, every other month I have to pay out of pocket.Similarly to another poster I had both the laundry machines provided by Homeroom break on me, then on the second one when I asked why they both broke so quickly they indignantly replied that it's 12 years old you know, these things usually only last for 5 years or so, meaning that Homeroom sold me an 11 year old washing machine and then blamed me for that.

This one has really broke the camels back for sure. 

Remember, the first deal is not meant to make you money, it’s meant to get you into the 6% club (only 6% of Americans own one or more rental properties)  Get into the club and figure out which direction you want to scale.If I were to start all over again, knowing what I know now, and assuming I had some good cash to work with (I was broke as a joke when I started), I would have done small commercial all the way.  

The gurus and seminars often draw people who are broke or unhappy with their lives, and are looking for an easy fix.

All of Bernie Madoff's clients thought their accounts were in great shape until the day the news broke.

And I rescued another small group that thought it was OK to buy these with NO equity or negative equity like we see people doing today they did about 35 of them .. then sold on lease options and those started defaulting left and right and you had a big mess.. they went broke and were lucky to not get criminally charged as the sellers of these got thier credit destroyed.