There are an abundance of conditions that happen to a landlord that could bankrupt you.

Time is more abundant.

On a positive note there are loads of incredible contractors in the Monterey area as there is an abundance of well off home owners and it seems everyone is making home improvements as of late.  

There are also abundant opportunities for small multi family and SFH.

Lenders are in abundance, contractors are going to have to take more time up front vetting. 

In a flat economy and abundant rentals, you want plenty of cash flow.

I want to make it abundantly clear that we do not (and I'm not advising people) to make offers then ask for a reduction as part of your normal sales process.

My own homework - - An abundance of inventory at this price- High property taxes- High rents for the price- Houses are all early 1900s- Won't get much or any appreciation - The unemployment rate is high - 10%!

Now some markets its much easier as there is a over abundance of old housing in need of help in other markets its way tough..the agent route builds a base and a business for life  at least I know it did for me personally starting 42 years ago at age 18.. was I millionaire by 20    DONT think so... but as time goes on and you get expeirnce your income goes up .. your contacts go up and its one great vocation. but its not easy you do need to be able to sell and close.. if you can't close you may not be good at wholesaling or real estate.

Use an abundance of caution.