Though I'm under no misconceptions about the realities of narrowing that down on the first go.

There is very little competition due to the misconceptions.

Very common misconception on debt replacement of the downleg property.

@Katie Balascsak we do want you to feel free to ask questions here, there are a lot of misconceptions to the FHA 203K loan, but just to add some clarification here - if you are flipping you should not be using the FHA 203K loan.  

There's a common misconception that sellers are losing whenever they sell a distressed house.

Welcome to the BP discussion forums.A popular misconception that many people have is that possession of a physical deed has benefits, including ownership. 

As a result, there’s a gross misconception that wholesaling is illegal.

Thank you for clarifying this common misconception.

I did, however, want to clear up some misconceptions - which I think I have done (i.e. the 5.5% fee and the 8% preferred is NOT a guarantee.) 

My own market (and seemingly this forum) is full of people who have the same misconception that once you're out of what's commonly referred to as "the inspections period", that you are no longer permitted to make inspections of the property.