There are all kinds of plans and ways to “make it” in real estate.

Sometimes you get lucky.You could even bring up the subject of seller financing (search online for ideas of how to structure a seller financed offer), and make sure a competent real estate attorney helps write the offer documents (if it gets that far). 

Quote from @Victor Patel: I have went to many real estate and franchise conferences over the last 30 years. 

Sometimes it's better to pay a bit more, for a real professional to handle your most important transaction. 

If you spend the entire $300k restoring the property, then here is the end result:- deductible casualty loss of $50k- no current tax- the restored property has $0 basis and cannot be depreciated- when it is later sold, the entire sale price is taxableMechanics and reporting are tricky, and I would not recommend to DIY it, especially since my scenario is over-simplified, and your real scenario is likely to involve more gotchas.Thanks so much. 

If you want to acquire more real estate I suggest more savings or sell the other property with equity. 

OTM = General, overhead/widescreen view of nationwide market tends.BPRE = Detailed ways specific people are making money in real estate.

I will be managing and will be paying a real estate agent friend to show the properties for me.

At the end of the day, losing $10k is really not a lot in the grand scheme of real estate investing, and given the seeming high volatility of this market ($275k to $220k, presumably in a matter of months), and the generally high monthly cost of HML, I would get out quickly and think of the loss as the cost of education.At least in my area (Cincinnati, OH) I don't see the market dramatically improving even as we get into the spring buying season, and, honestly, I only see mortgage rates continuing to climb for the foreseeable future, taking more and more buyers out of the market.

Great tenant that always pays on time - been there for 5 years Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?