That expectation was the mistake made here.When interest rates dropped, nobody wanted to increase the premium to make up for it.

And someone jumping into this as a complete newbie can expect that they have a decent chance of making some expensive newbie mistakes.

Many times there has been mistakes made.

I mean if you have 200k then you can start there, but if you have 60k and can mathematically do it I'd say it is a HUGE mistake to start there.If you have anything under 100k to start with, then your first deal should be a nice beginner deal. 

You will make mistakes.

You may create a profitable real estate portfolio and work toward eventually managing your own syndicate by making thoughtful decisions and remaining committed to your objectives.Note that investing in real estate involves endurance, patience, and a readiness to absorb lessons from both achievements and mistakes.

Most people aren't willing to talk about their mistakes, or better to call it lessons learned, so I give you a lot of credit for that.

We can use that as part of the discussion  Key- Start small and make your Big mistakes earlyGood thing about doing this on this forum will Be other people can follow, contribute and challenge. 

I’m an Architect and I would be wary to inherit someone else’s mistakes. if someone isn’t code complaint the new architect is on the hook.

@Stephen Montez from what we see here on BP:1) Investors NOT knowing how to get properties under "market" value.They all expect to pay price in MLS and cashflow.2) Not taking the time to understand different property classes and their pros & consThey often buy a Class C rental for the low price, yet expect Class A results.3) Trying to DIY manage without doing their homeworkThey try to penny-pinch, yet their mistakes cost them dollars.