You should do a search on "cap rate" right here on Biggerpockets, you would see the gross misconceptions many investors have surrounding it.Best of luck to you,Immanuel

What is one thing you wish you had known when you first started out, what would you advise to look for, and what are some common mistakes and misconceptions you see a lot in newbies?

Thank you @Jon Holdman and @Mindy JensenI really appreciate everybody's input on this.There's a misconception in this thread that this is my decision.

That's a very common misconception. 

Also, another misconception.

First thing is I think you may hv  a misconception about wholesaling as it is nothing more than a constant hustle looking for deals to squeeze money out of before you sell to end in buyer.  

The biggest misconception in real estate investing and flipping is that you can somehow save on construction costs, or do something cheaper.

There are pros/cons to both, which is why I do both.As far as 2nds go, I thought the same thing about equity for almost half my note investing career but I've found it to be a misconception.

I’m a relative newbie, cap rate has been one metric that I have spent a bit of time learning, partly because of the various definitions of it and the occasional misconceptions surrounding it.The formula I see all the time is Cap Rate = NOI/(Purchase or Value) which does not include leverage.

Not a function of fraud as much a function of ignorance or misconception.