Patience is essential.That said, there are a lot of active steps you can take while sitting in a passive, patient position.Build relationships with major deal sources - brokers, owners, and influential third-partiesUnderwrite every deal that seems to make senseFind a small group of trusted advisors (your "kitchen cabinet") that can answer questions - BP is great for thisPut out some offers at the prices that make sense in your evaluation - even if you don't win the deal, this will give you a taste of the processAs far as analyzing deals, my strategy is usually macro-driven.

Im not ashamed to say I eat a bologna sandwich for dinner sometimes, it tastes great and its inexpensive.

The main St (High St) has been very healthy- has a brewery, wine tasting, restaurants, bars, etc.

I have never paid more than 10k for a house but I guess if you have extravagant tastes .

Going out and taking a look at properties is a good idea to get a taste of whats out there. 

@Laurence ObiCall up your local pizza joint and order whatever they can build you (xL) that tastes the worst and costs ~$100.

The recommendation is essentially to always, within the realm of reason and within your boundaries of personal taste, to make your rental "renter proof".Tile - I personally prefer the idea of using a good looking laminate throughout.

It is big enough for a half bath; however, I would think that would be poor taste.

Will continue making tasteful upgrades until I decide to reinvest equity.

After paying commissions, I actually lost money, which left a bad taste in my mouth.