One common mistake (or misconception) is the quoting of discount to value. many fail to include cost of repairs.For example, which deal is better: Priced at 52% of ARV or priced at 74% of ARV?

Give The Most Common Misconceptions of Investing in Real Estate a read to get you started.

As to other misconceptions in this thread:- Real Estate Agent commission are not paid from Buyer/Borrower down payments.  

Again, sellers and their "cash" is sometimes just a silly misconception.

I think I'm learning the direction I want to go in after clearing up some misconceptions I had!

Try looking at: The Most Common Misconceptions of Investing in Real Estate

It's a huge misconception that wholesaling is a good way to get started in the industry...plus there are enough mediocre wholesalers to go around.

I will be doing some more research for sure to avoid misconceptions in the future.Also, one more question if you don't mind.

Hope this clears up misconceptions and manages some expectations and market price, this is reality contrary to what you may have thought or been told.ARTICLE:The Federal Housing Administration sold over 8,000 nonperforming loans at an Oct. 30 sale and recovered 60% of the unpaid principal balance of the loans.This is a slightly better than the previous loan sale in June, when the winning bidders paid on average 53% of the UPB.The official results show that FHA rejected bids on two of the 11 loan pools at the Oct. 30 sale.

Not to go off on a tangent, but more to correct a misconception.