Though I am in the phase of reading as much as I can, I realize the fact that no amount of reading can substitute real life field experience.

There is no substitute for being physically present with experienced investors.I'm always happy to help point you in the right direction for resources or tools on BiggerPockets that can help you with your REI goals!

Property managers may be friendly but they are not your friends.(5) There is no substitute for research.

Just substitute college for job.

Pay that no mind. they're just giving their opinion which is like one of those things everyone has. it's kind of overbearing to suggest that everyone read and learn from a forum, when not everyone learns the same way but i digress...........what i'd suggest is to see if you can get someone from cody's office on the phone to answer your questions. if you trust it, go for it. just remember to implement fast............with that being said, i don't think there's any substitute for learning from an investor in your local market

It can be a real PITA and having to substitute collateral to keep loans open.Good luck if you think it works for ya!

or are there cheaper substitutes (like nearby apartments)?

@Jack B.You may substitute QIs.  

There is no substitute for cash flow.Check out the BP podcasts and posts.

Auto extension agreementsA list of reminder clauses to be used when seller agrees to finance; Subordinated agreement, Early pay-off discount, Substitution of collateral, First right of refusal, Principal mortgage clause, Interest only clause, Delayed payment terms, Seller option to buy back, lease back, Prime rate clause, Stutter clauseBeing ready to do business is a good place to start when getting into this wonderful profession.When you get the lead, be ready to close.Charles