Please check out: The Most Common Misconceptions of Investing in Real Estate

You're just outside of NYC, but I think it's just a common misconception. 

This is a common misconception.  

There is a misconception concerning the due on sale clause and seller financing....It's a spur of the moment thought!

(This is just anecdotal, obviously) Aluminum wire is also not as common as I thought it would be and is easy to address (just budget rewiring into your offer if you discover it during due diligence.)As for older homes vs newer homes, I'm not sure what you mean by mean time between failure rate, but I do think this is a common misconception about older homes requiring maintenance.

That clears up a lot of misconceptions.

Hopefully, I answered all the misconceptions. ;-) and questions. 

Logan, a tip, not sure what you mean by "like minded" but if you hang around those that think like you, that are also new, you won't learn anything, you'll probably end up with some real misconceptions.

I think the common misconception is that hard money will give you a 100% loan, and if you are new to the game that is pretty much never going to happen. 

A common misconception about Sharia is that it's all about stoning people for crimes or whatever.