My aim is to not only profit financially but to gain in the process some intangible assets, such as project management skills, getting to know reliable professionals (i.e. realtors, contractors, designers, etc.) for the long-term, getting acquainted with the local market's promises and pitfalls, and basically adding some entrepreneurial muscle going into my next project.My strategy is to go small: find a second-hand apartment in a good location (I don't have enough funds for a GREAT location...); no more than 60-70 m2 (that's about 650-750 f2) to, among other things, lower renovation costs; 1-2 bedrooms, street facing and with a lift (if said apartment is above the second floor); with good bones, i.e., needs only partial renovation.

You need a handful of good-quality loans from a few reliable brokers.

It's crucial to find a trustworthy agent and then enlist a reliable company to manage the property, especially if you're not local.

I also recognize that AirBnB's can be used and abused, which makes sturdy and reliable furniture selection even more important.  

If you're trying to fund itself yourself for smaller commercial real estate, that's your choice but I'd take ags, minerals, energy, infra over that anyday of the week.

Maybe become an agent and help them find deals or maybe they need a reliable PM , etc.

Sourcing and maintaining reliable and affordable contractors without scale (although my 3rd party PMs have the same issue).

But you can always tell if someone has put th time and energy in to push it as far as they could on their own before they ask for help.

The qualified intermediary will also manage all of the funds during this transaction, so you want someone trustworthy and reliable in that aspect too. 

Im worried about younger less reliable tenants.