This question came from the Bigger Pockets Facebook Group, and I thought it was a good one.

It is a general statement about a very popular "community" that receives plenty of derision on Bigger Pockets and coaches teach likewise. 

It’s humbing and frustrating, but it also teaches you those guardrails you’ll want next time.. like thorough screening, a solid lease agreement that sets ground rules upfront, and maybe even setting aside a bit more cushion in reserves.Chicago’s got plenty of investor-friendly pockets.

@Augusta OwensWelcome to Bigger Pockets.

.- You will have to come out of pocket for the arears, fees etc, just to get into "contract" some times $20k or more and all you have as protection is the word of someone who's proven to be unreliable and a signed piece of paper... 

Even in a city with a declining overall population, there are still pockets experiencing growth that can be good options.

@Kolby KnickerbockerWelcome to Bigger Pockets!

The lessons you learned the hard way in 2008 will be invaluable now, and it’s great that you’re aiming to stay small-scale and within your comfort zone of Sacramento, which gives you an advantage of knowledge in that market.Given your experience, I'd say start by focusing on three key areas to build confidence and minimize risks:Budget Control: Over-renovating was one of the big mistakes you mentioned.

Try interviewing at least three managers.1.

Build your team of people or as Brandon Turner from the Bigger Pockets Podcast calls it your CORE 41.