What are some proven strategies for uncovering promising investment properties?

Although they have uncovered them and it seems the condensation is still there...

To begin with and develop confidence, start small by beginning with a single rental property or a modest multi-unit property.To choose the ideal property kinds for your investment goals and risk tolerance, do in-depth market research to uncover attractive investment markets and examine local market trends.

Sounds like they didn't set proper expectations with the seller, didn't uncover all hidden objections, or didn't have a solid contract in the first place.

. 😊  I've been thinking more about your question based on my LA experience, and some great advice I've read from three days of lurking here on BP from some RE veterans, based less on my fantasy but more on what I would do with your idea to start out at 1.5 and move into 3-5 million houses.First, it's all going to come down to your goals, here's a quote about that from Don Konipol (from the forum post https://www.biggerpockets.com/forums/519/topics/1150499-the-...Quote from @Don Konipol:IMO, the financial reasons for investing in real estate include 1- Asset Preservation2- Increase Wealth3- Current Income4- Tax MinimizationWhile these four are not mutually exclusive, the more you benefit in one area the less will be the benefit in the others, given normal market conditions, unless you uncover something everyone else has missed.

After that, you may be subject to other forms of inspections that uncover more.

Here's what would be great to share:The unexpected: Did you uncover any surprising elements during the flip?

Conduct due diligence to uncover any potential legal liabilities.Overleveraging: Excessive debt or aggressive financing structures may leave little room for unforeseen expenses or market downturns.

Are those insurance rates equally expensive/becoming uncovered?

But by pushing forward without surrendering to these challenges, they eventually uncover the opportunities they were seeking.Believe in the limitless possibilities that await those who earnestly seek them.