There are many different flavors of real estate investing every time you meet someone new you'll discover a new approach to it.

I will take a stab at why the caution, and please let me know if you agree or disagree ... it seems to me that even among the NPNs there are different "flavors", but the main ones that come to mind that I think are pertinent to the discussion are:1) Non-performing 1st with sufficient equity (from the LTV and/or discount you got) such that you can foreclose to recoup your investments plus make a decent return.

@Eric SchaferYour employer 401k is likely locked up in that plan until you leave the company.Self-Directed retirement plans come in several flavors.  

If you only have the 20k I certainly wouldn’t risk it hoping their secret sauces is my flavor.

We rehab properties(quite the difference from rentals, same taste, different flavor).

I know the preferred flavor is single family homes.But, I have a chance at a condo in a well established high rise that provides a leasing company.

What you read in the books is informative, but does not replace experience, and each one of the people here can have a different flavor of experience when it comes to reality. 

If so, you may be forced to take a private loan, or see if a bank in your area will give you flavor of construction loan. 

Make the time to enjoy some of the local flavor on the keys (Siesta, Longboat, and St.

I still vape and consider myself a vaping enthusiast, although I now do it for "clouds and flavor" as opposed to getting a nicotine fix.