It will have ups and downs, you will make mistakes, but I have found real estate investing to be a rewarding endeavor. 

However as you correctly point out this is far more risky and or its risk capital compared to buying a income property.. but the reward can be strati-spherically higher .. not just a little bit but it can be life changing profits on some of these deals.

Some of my clients love the cash flow in the east side neighborhoods over by Slavic Village and Broadway selling between 90-110k with rents up to $1,800+, but just really depends on the types of neighborhoods you're investing in and your risk / reward threshold. 

This obviously ends in their demise and in tragedy for many buyers.

But you do something that fits your risk profile and lets you reap the reward.

Like many things, on the other side of sacrifice, discomfort, and hard work is a large financial reward. 

You will gain the rewards down the road.3) You 'should' claim rental uncome from any source.

The Phoenix market, for instance, has been seeing shifts that reward creativity and timing.

I'd build a quad, and there is a laundry list of ways one can select to be amply rewarded for such. 

Systematize as much as possible to create scalability.PM is a challenging but rewarding business.