I'm feeling somewhat discouraged, but I still have a burning desire to get into real estate investing.

I'd be using the team I already have in place and I'd pay myself through an acquisition fee, asset management fee, and a promote.

I think this system is like goal setting - setting a goal of increasing your net-worth is exciting - you always look for that equity to reach $1,000,000 -  WOW - keeping score by setting a goal filters from your conscious mind to your subconscious the never sleeping subconscious mind is always planning and directing to your awake mind - things to do to meet that goal.A great way for the new investor or burned out old timer is to start the real estate learning or relearning process is to use a system I've recommended for years - The 50 House Rule -Look at 50 houses in your investment area - do this only with absolutely no intention to buying or making an offer,  look at FSBO's, with agents and open houses - keep a journal with copious notes, record what sellers or agents had to say, price, days on the market, history of reduction, your opinion of seller's motivation, date - your thoughts.Doing this will help you understand the MARKET in that area - you can't be fooled by sellers or agents - you'll be smarter than most of the investors and agents in the area - you'll know and recognize a bargain when it comes your way.

I just don't want to get burned on my first deal out of the gate. 

It is not uncommon for an agent to use a website to promote listings. 

It didn't burn me, but it could have. flat lots are a godsend - I have built on several lots, flat lots are the best.

Look for hard money lenders in your area and burn up the phone to make it work.Put the numbers together so you can present the lender with something they can look at and see how you are clearly taking care of the loan with exit strategies.There was an interview with a hard money lender on one of the early podcasts.  

I got burned by a tenant paying late and damaging the unit.  

Secondly, a landlord policy also has this same business activity exclusion.If a renter accidentally burns the vacation rental down, and the insurance carrier decides this person was a “guest” who paid you money to stay there for a weekend, and was not a “tenant/long-term renter,” they could deem this a business activity, and they could deny the claim.These are two of many gaps in a landlord policy, and it’s simply too risky to roll the dice.Me: Is hotel/motel and business insurance any better then?

Hello, I am not promoting anything but yet I am still new to the real estate side of things.