One thing I'm struggling with however is my ability to really understand the local markets in some of the areas I've been targeting.Among a couple areas, I think Watsessing Ave in Bloomfield has great transit, appropriately priced properties (cash flow opportunities), and there seems to be some serious development happening (new supermarket and luxury apts just finishing a short walk east of the Watsessing Ave station).I've driven many of the streets and seen a few properties in the area to get a feel.  

You will meet people from different walks of life that will give you different perspectives on real estate investing.

You will meet people from different walks of life that will give you different perspectives on real estate investing.

Coincidently, yesterday we got a call from a first-position borrower informing us he’s fallen on some hard times and will have to walk away from the house.

I got my bill for my house in Lake Oswego from Safeco which I had had for years and it was always around 2k to 2.3 k  i get the bill its 6k.. i call my agent and told him no way.. and he hunted around and found me something maybe 500 cheaper .. so I thought I have a aaa card I know they sell insurance and are reputable.. walk in there 1800 bucks done and I have full  basement ( which is rare on a new home in Oregon) and they gave me a much higher insurance amount if my sump pump fails.. bottom line shop.u

I've always had this dream of a beach home within walking distance to the beach, so I realize I probably need to back up and look at this more objectively instead of emotionally when it comes to extra wear and tear and higher insurance costs, weather impacts, etc.

Any tenant can walk from an annual lease if they want and you won’t be made whole. 

So, if they offer anything of substance I would take the bird in hand and walk away ahead without dealing with any hassles for months.

With a new value of 186K, you new loan will be capped at 139500K, so you can do a cash out refinance and walk away with some cash.

He can also walk you through the actual acquisition process if you've never bought rental property before.I would, however, encourage you to do your own due diligence when analyzing the market and the actual property you are looking at.