Thanks I think it is a common misconception that all foreclosures are good deals.  

So, when the student, newbie, comes out into the world, they have been informed of half truths, misconceptions, incorrect notions, lies and misleading ideas (intentionally or unintentionally) by others who were never qualified to advise.

The biggest misconception in real estate is that lending is based on value.  

There are very very few exceptions to that but for most of us civillians, California's, "Single Action" applies.And to clarify a common misconception, Banks don't "Pay" full price at foreclosure sale.

Always been fascinated by RE but unfortunately my own misconceptions kept from taking action.

So - you've made a poor decision, based on foolish misconception, lacking knowledge, and bad advice - and now you want to blame the PM for not being able to make money...did I miss anything?

I know a lot of Realtors and Brokers that have a misconception about solar because of deals that fell out due to a lease or PPA. 

IMO if you will be negative on the cash flow, I wouldn't do it .Your thoughts of paying down the mortgage is a common misconception about cash flow.  

I let them know that there are a lot of misconceptions about how this process works and that I provide solutions that can meet their needs.  

It's a very common misconception but you can have other properties and still buy a primary residence FHA.